October and November 2021 brings the much-awaited good news of Mauritius delisting.
Mauritius exits the FATF list of jurisdictions under increased monitoring
On 21 October 2021, the Ministry of Financial Services and Good Governance issued a communique announcing that the Financial Action Task Force (“FATF”) at its October 2021 Plenary meeting had concluded that Mauritius would no longer be subject to increased monitoring.
The FATF recognised the significant progress of Mauritius in improving its AML/CFT regime. The FATF also recognised the commitment of Mauritius to address the technical deficiencies identified by the FATF in February 2020.
Mauritius exits the UK’s List of High-Risk Third Countries.
On 5 November, the Financial Services Commission (“FSC”) issued a communique announcing that Mauritius was now off the UK’s List of High-Risk Third Countries.
This decision comes following the delisting of Mauritius by the FATF. The UK amended their Money Laundering Terrorist Financing and Transfer of Funds Regulations 2017 and removed Mauritius as a high-risk country for the purposes of enhanced customer due diligence requirements.
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