Why is Mauritius a high-risk country?
Through an amendment of the Delegated Regulation (EU) 2016/1675 (the “Regulation”) supplementing Directive (EU) 2015/849 of the European Parliament and the European Council, the European Commission (the “EC”) has on 7 May 2020 identified, inter alia, Mauritius as a high-risk third country with strategic deficiencies in …
Is Mauritius high-risk for money laundering?
In May 2020, the European Commission (EC) identified Mauritius as a high-risk third country with deficiencies in its Anti Money-Laundering and Counter Financing Terrorism (AML/CFT) regime.
Why is Mauritius blacklisted?
On 7 May 2020, the EU included Mauritius (along with 11 other countries) on its revised list of high-risk countries that have ‘strategic deficiencies in their anti-money laundering and counter terrorist financing frameworks’ (AML-CFT Framework). The EU blacklist became applicable on 1 October 2020.
Why is Mauritius GREY list?
This comes on the back of the Financial Action Task Force (FATF) placing Mauritius on the grey list, a list of jurisdictions with deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.
Is Mauritius a high risk country?
Mauritius Added to the List of “High Risk” Countries by the European Commission. … The FATF found that Mauritius was compliant with 53 out of the 58 recommended actions and the deadline for addressing the 5 remaining deficiencies was set to September 2021.
Which country is in blacklist?
The current FATF blacklist includes two countries: North Korea and Iran. While it has no direct investigatory powers, the FATF monitors global AML/CFT regimes closely to inform the content of its blacklists.
Is Mauritius on the GREY list?
Mauritius, which has become a global tax haven, was put on the grey list’ of the Paris-based Financial Action Task Force (FATF) — an inter-governmental policy making body that sets anti-money laundering standards, in February last year.
Which countries are high-risk for money laundering?
The top 10 countries with the highest AML risk are Afghanistan (8.16), Haiti (8.15), Myanmar (7.86), Laos (7.82), Mozambique (7.82), Cayman Islands (7.64), Sierra Leone (7.51), Senegal (7.30), Kenya (7.18), Yemen (7.12).
Which list is Mauritius?
Mauritius was removed from the banned travel list (‘red list’) on 19 March. All travellers returning from Mauritius must now follow the rules to enter the UK from abroad.
Is Mauritius in European Union?
The European Union (EU) has included Mauritius and 11 other countries on its revised list of high-risk countries allegedly having strategic deficiencies in their anti-money laundering and counter terrorist financing frameworks (AML-CFT Framework). The EU blacklist will become applicable as from 1 October 2020.
What is a high-risk third country?
Based on Directive (EU) 2015/849, Article 9, the Commission is mandated to identify high-risk third countries having strategic deficiencies in their regime on anti-money laundering and counter terrorist financing. The aim is to protect the integrity of the EU financial system.
What is Mauritius doing to combat the problem of tax evasion money laundering?
It is noteworthy that, as a credible Financial Centre, Mauritius has implemented stringent and sound legal frameworks, including, a Financial Intelligence and Anti Money Laundering Act 2002, for combating money laundering; a Prevention of Corruption Act 2002, for tracking down corruption and illicit transactions; and a …
Is Mauritius member of FATF?
As the Financial Action Task Force (FATF), the inter-governmental body that sets anti-money laundering standards, has put Mauritius on the “grey list” alongside the likes of Pakistan, it has dealt a body blow to the foreign institutional investors domiciled or registered there.
What does GAFI mean?
The General Authority for Investment (GAFI) is an affiliate of the Ministry of Investment (MOI) and the principal governmental body regulating and facilitating investment in Egypt. GAFI is the regulatory body of any joint stock, limited liability and sole proprietary companies.
What is FATF and its purpose?
The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. … They help authorities go after the money of criminals dealing in illegal drugs, human trafficking and other crimes. The FATF also works to stop funding for weapons of mass destruction.