Anti Money Laundering (AML) in Mauritius
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|Money laundering in Mauritius is not a serious problem. The country has taken several important steps over the past ten years to enact legislation that has strengthened the country’s money laundering and terrorist financing prevention efforts.
In 2002, Mauritius passed the Financial Intelligence and Anti Money Laundering Act (FIAMLA), which established the country’s Financial Intelligence Unit (FIU). The Act also includes requirements for suspicious transaction reporting and the exchange of financial information with other FIUs and governmental agencies. The Prevention of Corruption Act 2002 (POCA) was also passed.
In 2003, the Financial Intelligence and Anti-Money Laundering Regulations were passed. The Regulations provide the need for a Money Laundering Reporting Officer (MLRO) and include the importance of internal policy and control measures to prevent money laundering and terrorist financing, as well as identification measures.
Mauritius also has several financial regulators that assist in the monitoring and regulation of financial institutions and other entities to prevent money laundering and terrorist financing.
These regulators include:
The Economy of Mauritius
Since gaining its independence in 1968, Mauritius has transformed from a low-income and agriculturally-based economy to a middle income economy with growing industrial, financial, and tourist sectors.
In recent years, with the rise in the economy, Mauritius has seen other improvements in the country’s overall well-being, including: a more equitable income distribution; increased life expectancy; and a decreased infant mortality rate.
The economy gets it wealth from sugar production, tourism, textiles, apparel, and financial services. Mauritius hopes to expand its economy into the field of fish processing, information technology, communications, hospitality, and product development.
Banking in Mauritius
The Bank of Mauritius serves as the financial regulator for banks, moneychangers, and foreign exchange dealers. The Bank of Mauritius also serves as the country’s Central Bank. The Bank regularly issues and supervises guidelines regarding money laundering and terrorist financing prevention.
The Bank has the authority to revoke the licenses of banks and cash dealers that fail to comply with AML legislation.
The Financial Services Commission is the regulator for non-bank financial institutions such as insurance providers, capital markets, leasing activities, global business companies, and private pensions.
The currency in Mauritius is the rupee (MUR). The rupee is divided into 100 cents. The Mauritian rupee was tied to the India rupee when it was first issued and replaced the Mauritian dollar in 1877.
Banknotes are currently available in denominations of 25, 50, 100, 200, 500, 1,000 and 2,000 rupees. Coins are available in 1, 5 and 10 rupees as well as 5, 20 and 50 cents.
Other Key Statistics about Mauritius
Time Zone: MUT (UTC+4).
Location: Southern Africa, island in the Indian Ocean, east of Madagascar.
Population: 1,261,208 (2014 estimate.)
Capital: Port Louis.
Languages Spoken: Creole, Bhojpuri, French and English.