Mauritius exits FATF Grey List
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Mauritius exits FATF grey list
Following the positive on-site assessment conducted by the Financial Action Task Force (FATF) assessors, Mauritius has now been delisted from the FATF grey list. The decision was announced at the Plenary Session of the FATF on Thursday 21 October 2021. It confirms that Mauritius has taken the necessary measures to remedy the deficiencies identified by the FATF in its anti-money laundering and combating the financing of terrorism (AML/CFT) system.
The on-site assessment itself had followed the June 2021 Plenary Session where the FATF had acknowledged that Mauritius had substantially completed its Action Plan aimed at strengthening the effectiveness of its AML/CFT system.
In order to exit the FATF grey list, Mauritius was called upon by the FAFT to implement an Action Plan which included amongst others the implementation of risk-based supervision of the global business sector and timely access to accurate basic and beneficial ownership information by competent authorities.
The delisting from the grey list of FATF should in turn lead to the removal of Mauritius from the EU AML List of High-Risk Third Countries where it has been placed since 1 October 2020 as a result of it being placed on the FATF grey list.
For Nitin Collappen, Nexus CEO, this is “excellent news for the Mauritius International Financial Centre which will further establish the prime role the jurisdiction is playing in this part of the world. It is something we had been eagerly looking forward to”, he added.
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