The Ministry of Financial Services and Good Governance in collaboration with the Global Facility against the Financing of Terrorism and Money Laundering (AML/CFT Global Facility) of the European Union (EU) organized a workshop focused on suspicious transaction reporting today at the Hotel La Pirogue in Flic-en-Flac.

Some 150 representatives from some fifty institutions in the public and private sectors participated in the workshop, the objective of which is to improve the data reported and the diversity in suspicious transaction reporting in all areas, including financial institutions and designated non-financial businesses and professions (DNFEs).

Present at the opening of the workshop, the Minister of Financial Services and Good Governance, Mr. Mahen Kumar Seeruttun, reiterated that Mauritius is committed to taking the necessary measures to address the strategic deficiencies of its anti-money laundering and anti-terrorist financing system (AML / FT) in order to protect the integrity of its financial system. He also highlighted the key role played by private sector operators in the fight against money laundering and the financing of terrorism.

In addition, the Minister affirmed that Mauritius has completed its first national money laundering and terrorist financing risk assessment exercise and the report was published in August 2019. He dwelt on the adoption of the national AML/CFT strategy for the period from 2019 to 2022, based on a risk-based approach.

Regarding the inclusion of Mauritius on the list of jurisdictions under enhanced surveillance by the FinanCial Action Task Force (GAFI), Mr. Seeruttun said that the Government is currently implementing the action plan to optimize the country's AML/CFT system. He thanked the EU for the support and assistance provided on the Action Plan.

The minister added that understanding the risks of money laundering and terrorist financing is an essential part of the national AML/CFT regime and allows countries to prioritize their limited resources and allocate them effectively.

Team Leader of the CFT/AML Global Facility, Mr David Hotte, stressed that the workshop is a good example of the long-standing cooperation between the EU and Mauritius. He further recalled that suspicious transaction reporting is an essential pillar of the AML/CFT system of which financial institution agents and EPNFDs are part. Mr. Hotte also indicated that modern AML/CFT systems include political and coordination aspects, as well as preventive measures and their control.