The Bank of Mauritius ("BoM") has in collaboration with the Financial Services Commission (FSC) and Financial Intelligence Unit (FIU) organised a workshop on 07 August 2020 for Money Laundering Reporting Officers ("MLROs").  The workshop has been crafted with the aim of apprising MLROs on the criticality of Anti-Money Laundering and Combatting the Financing of Terrorism ("AML/CFT") requirements.

In his address, Governor Harvesh Seegolam inter alia explained how the effective implementation of robust AML/CFT measures remains a key priority for the BoM and Mauritius; there will be a zero tolerance of non-compliance with set standards which will entail in severe sanctions; and how the BoM played a crucial proactive role in revisiting a number of its regulatory frameworks and adopting a risk-based approached to AML/CFT supervision. He further stressed on the strong commitment of Mauritius to address the deficiencies identified by the Financial Action Task Force ("FATF") through the setting up of (1) a high level Committee under the chairmanship of the Honourable Prime Minister to monitor the progress being made by Mauritius and (2) a dedicated Core Group to monitor the implementation of the recommendations of the FATF. In that respect, he also provided an update that Mauritius has submitted its Progress Report last week to the Joint Group of the FATF for their consideration.

Please click HERE to read the full speech of Governor Harvesh Seegolam and click HERE to read the media release of the BoM regarding this successful workshop.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.