Government is determined to complete the implementation of the Financial Action Task Force (FATF) action plan so as to be removed from the FATF list and from the European Union (EU) list of High Risk Third Countries at the earliest, in order to protect the economy.
The Minister of Financial Services and Good Governance, Mr Mahen Seeruttun, made this statement, this morning, at the National Assembly in reply to a Private Notice Question pertaining to the inclusion of Mauritius in the list of High Risk Third Countries issued by the European Commission.
Minister Seeruttun highlighted that the EU listing is a direct consequence of the listing of Mauritius by the FATF on its list of "Jurisdictions under Increased Monitoring". However, the FATF did not call for application of enhanced due diligence to be applied to jurisdictions on the list and the EU's decision to go beyond the FATF decision is therefore unclear, he pointed out.
This matter, underlined the Minister, has been given highest level of priority by Government and a dialogue is to be initiated with the EU Commission, through a teleconference with a technical team from Mauritius on 13 May 2020. In addition, he mentioned that under the FATF action plan, Mauritius has to demonstrate an increased level of effectiveness of its Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) systems. To this end, four factors, namely political commitment, national coordination, additional human and other resources are all being addressed.
Moreover, stated the Minister, Mauritius has obtained technical assistance from the EU funded AML/CFT Global Facility and the German Government, through the German Development Agency, to support the implementation of the FATF action plan. He also pointed out that, even during the sanitary curfew, Mauritius has continued to work extensively with the technical assistance providers.