The Financial Action Task Force (FATF) has, on 25 June 2021, announced that it has, at its June 2021 Plenary session, held from 21 June to 25 June 2021, approved an on-site inspection to Mauritius.
Under the FATF International Co-Operation Review Group (ICRG) process, the on-site inspection represents the final stage of the process; i.e. when a country has completed its Plan of Action, the FATF inspectors visit the country under examination in order to validate the progress reports submitted by the team.
The Mauritius Bankers Association Limited (MBA) welcomes this announcement, which is a positive development in the country’s journey to exit the FATF list of jurisdictions under increased monitoring.
Since the inclusion of Mauritius on the FATF’s list of jurisdictions under increased monitoring in February 2020, the MBA has worked with the national Anti-Money Laundering (AML) Committee, Government officials, Regulators and other stakeholders, to support the speedy completion plan of action executed by the Mauritian delegation, led by the Governor of the Bank of Mauritius.
The MBA is committed to continuing to uphold the highest standards of compliance to international AML legislation and best practices as Mauritius enters the final stages of the process.