20/04/2021 Mauritius Strengthens Its Anti-Money Laundering/ Combating the Financing of Terrorism (AML/ CFT) Framework - Nelito Blog

Digital Banking  Lending Solutions  Services  Industries  Insights 

About  Clients  Contact 

Latest Blog Subscribe 

Manage Monetize and Protect

Blogs your Data during Covid19 times

Updated On : January 2021

The top 10 cooperative banks in

India - 2021
Updated On : March 2021

10 powerful Indian women who

Home / Blogs / Mauritius Strengthens Its Anti-Money Laundering/ Combating the Financing of Terrorism (AML/ CFT) Framework
changed the nancial industry
Updated On : March 2021

Mauritius Strengthens Its Anti-Money The Solution for Africa’s

Financial Inclusion
Laundering/ Combating the Financing Updated On : February 2021

of Terrorism (AML/ CFT) Framework  View all

Updated On : January 2021


On Feb 2020, the FATF (Financial Action Task Force) identi ed that
Mauritius as a jurisdiction is having Anti money laundering strategic 

de ciencies and added the country on the list of Jurisdiction under

Increased Monitoring. Also, as per the EU (European Union), Mauritius is
having AML/ CFT regime strategic de ciencies, under the article nine of
EU 4th Anti-Money laundering directive and have added Mauritius in the list
of high-risk third countries.

In response, the parliament of Mauritius has passed the Anti-money

laundering and combating of the nancing of terrorism (Miscellaneous
Provisions) Act 2020. The aim of the act is to bring new changes in the
nancial services sector in order to meet with the recommended
international norms and the best practices of the FATF.

SEND ENQUIRY 

https://www.nelito.com/blog/mauritius-strengthens-its-anti-money-laundering-combating-the-financing-of-terrorism.html 1/4
20/04/2021 Mauritius Strengthens Its Anti-Money Laundering/ Combating the Financing of Terrorism (AML/ CFT) Framework - Nelito Blog

This act amends 19 enactments with a view to reinforce the existing legal
provisions to further combat moneyDigital Bankingand
laundering Lending
 the Solutions
nancing of  Services  Industries  Insights 
terrorism.
About  Clients  Contact 
Latest Blog Subscribe 
Following are the points that are covered in the act
. Information on bene cial owner Manage Monetize and Protect
your Data during Covid19 times
As per the act a legal obligation can be taken if the applicants do not Updated On : January 2021
provide information related to incorporation or registration of
companies, limited partnerships and foundations, bene cial owners to The top 10 cooperative banks in
India - 2021
the respective registrars during incorporation or registration of such Updated On : March 2021
entities.
10 powerful Indian women who
Now companies have to compulsorily provide the basic information changed the nancial industry
and bene cial ownership information to the competent authority (a Updated On : March 2021
public body responsible to combat money laundering /terrorist
nancing and includes an investigatory authority upon request). The Solution for Africa’s
Financial Inclusion
Failure to access to accurate basic and bene cial ownership details by Updated On : February 2021

competent authorities in a timely manner was identi ed by FATF. This

new measure aims to give the authorities an immediate access to View all
update the bene cial ownership information.

. Regulators of banking and non-banking nancial institutions

As per the act the regulators of both banking and non-banking nancial
institutions can carry out on-site inspections and examinations. While
conducting the inspections the regulators must consider following
factors
Money laundering risks and policies
Money laundering / terrorism nancing risks present in the country
Internal controls and procedures associated with a licensee
The characteristics of a licensee & the degree of discretion allowed to
the licensee under the risk-based approach implemented by the 
regulators 
The supervisors of the Mauritius global business sector implement 
risk-based supervision has some shortcomings was identi ed by FATF. 
With the new act regulators have mandated to review the assessment
of the money laundering or terrorism nancing risk pro le of a licensee,
when there are major events or any developments in the operations
and management of the licensee.

. Penalties
The act with reference to di erent legislations like Banking Act, 2004,
the Financial Intelligence and Anti-Money Laundering Act, 2002
(FIAMLA) and the Prevention of Corruption Act, 2002 (POCA), to
provide new severe penalties for non-compliance and breaches of
AML/CFT laws which are as follows
If any nancial institution of BOM (Bank of Mauritius) fails to comply
with any guideline, directive or instructions issued by BOM with
regards to CDD (Customer due diligence) measures & record-
keeping of the CDD documents will be ned MUR 10 million. SEND ENQUIRY 

https://www.nelito.com/blog/mauritius-strengthens-its-anti-money-laundering-combating-the-financing-of-terrorism.html 2/4
20/04/2021 Mauritius Strengthens Its Anti-Money Laundering/ Combating the Financing of Terrorism (AML/ CFT) Framework - Nelito Blog

The FIAMLA has also amended to include a new obligation of any

member of a related professionDigital Banking  should
or occupation Lendingprovide
Solutions  Services  Industries  Insights 
information to any regulatory body. Such member if convicted for
non-compliance of the obligation will have to pay a ne of MUR 1
About  Clients  Contact  
million and ve years of imprisonment or a ne upto MUR 10 million Latest Blog Subscribe 
may be ned upon a legal person if found to have committed a
Manage Monetize and Protect
corruption o ence under the POCA. your Data during Covid19 times
Updated On : January 2021

The above changes are taken by regulatory bodies of Mauritius to The top 10 cooperative banks in
demonstrate a strong determination of Mauritius to meet the FATF India - 2021
Updated On : March 2021
recommendations and are committed to improve the country’s
AML/CFT regime. 10 powerful Indian women who
Nelito Systems Ltd, a group company of DTS Corporation Japan, have changed the nancial industry
Updated On : March 2021
an experience in Anti-money laundering software deployment and
proven track record in providing innovative and advanced AML/CFT The Solution for Africa’s
solutions to Banks and nancial institutions across the globe. Financial Inclusion
Updated On : February 2021

View all

Leave Comments :
Name *

Email *

Comment *

I'm not a robot POST COMMENT 

reCAPTCHA
Privacy - Terms


Digital Banking Lending Solutions Services Industries More

Core Banking FinCraft for NBFCs Third Party CBS Implementation Banking Customer Login
Mobile Banking FinCraft for MFIs Custom Application Development Financial Services Webmail
Internet Banking Loan Origination Solution IT Infrastructure services NBFCs HRMS
Doorstep Banking Loan Management Solution SWIFTTM Services MFIs FAQ's
Check Truncation System Collections and Recovery Business Process Management Government Site Map
Enterprise Reporting Sta Augmentation Services
Data Archival and Retrieval Back O ce Outsourcing Services
Anti Money Laundering Testing Services
NACH – MMS
SEND ENQUIRY 

https://www.nelito.com/blog/mauritius-strengthens-its-anti-money-laundering-combating-the-financing-of-terrorism.html 3/4
20/04/2021 Mauritius Strengthens Its Anti-Money Laundering/ Combating the Financing of Terrorism (AML/ CFT) Framework - Nelito Blog

Digital Banking  Lending Solutions  Services  Industries  Insights 

© 2021 Nelito Systems Ltd. Terms &
Privacy
About  Clients  Contact  
Latest Blog Subscribe 

Manage Monetize and Protect

your Data during Covid19 times
Updated On : January 2021

The top 10 cooperative banks in

India - 2021
Updated On : March 2021

10 powerful Indian women who

changed the nancial industry
Updated On : March 2021

The Solution for Africa’s

Financial Inclusion
Updated On : February 2021

View all

SEND ENQUIRY 

https://www.nelito.com/blog/mauritius-strengthens-its-anti-money-laundering-combating-the-financing-of-terrorism.html 4/4