Following its June 2021 plenary meeting, the Financial Action Task Force (‘FATF’) has confirmed that an onsite inspection will be conducted in Mauritius in order to assess the implemented AML/CFT measures / reforms and the progress made in order to decide whether Mauritius shall be removed from the FATF Grey list. When FATF places a jurisdiction under increased monitoring (i.e. on the FATF Grey list), it means that this country is committed to resolve any identified strategic deficiencies within an agreed timeframe.
The FATF announcement is considered as a very positive step towards the removal of Mauritius from the FATF Grey list, as the on-site inspection is considered as one of the final stages taken by FATF in its decision-making process.
For Mauritius, the removal from the FATF list, means the initiation of the procedure to exit the European Commission high-risk third countries’ list for AML/CFT, as well. If successful, Mauritius bank account opening will be made easier and credibility for financial institutions and companies will be regained.
Our team at FiveComply will keep you updated and remains at your disposal for any matters you would like to discuss.