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

Some 150 representatives from some 50 public and private sector institutions participated in the workshop, which aims to improve data reporting and diversity in suspicious transaction reporting in all areas, including by financial institutions and designated non-financial businesses and professions (DNFBPs).

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 remedy the strategic deficiencies of its system of fight against against money laundering and against the financing of terrorism (AML/CFT) 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.

Furthermore, 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 dwelled 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 heightened scrutiny by the Financial Action Task Force (FATF), Mr. Seeruttun said that the government is currently implementing the action plan to optimize the system of AML/CFT of the country. He thanked the EU for the support and assistance provided regarding 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 enables countries to prioritize their limited resources and allocate them effectively.

As for the team leader of the CFT/AML Global Facility, Mr. David Hotte, he underlined that the workshop is a good example of the long-standing cooperation between the EU and Mauritius. He further recalled that the reporting of suspicious transactions is an essential pillar of the AML / CFT system of which the agents of financial institutions and DNFBPs are part. Mr. Hotte also indicated that modern AML/CFT systems include political and coordination aspects, as well as preventive measures and their control.