Mauritius Responds to its ‘Grey-Listing’ by the Financial Action Task Force Through Statutes: An Informative Review

Abstract

This article reviews the statutory response given by Mauritius to its ‘grey-listing’ by the Financial Action Task Force (FATF). It analyses the various legislations that the government had to amend or create to become compliant with the international standards set by the FATF in the wake of combating money laundering and financing of terrorism. The statutory response of Mauritius to its grey-listing by FATF can be considered as a successful one giving that a significant number of laws had to be simultaneously and harmoniously changed to the satisfaction of the FATF in a considerably short period of time. Indeed, in October 2021, Mauritius was removed from the list of jurisdictions under enhanced monitoring, having been placed there in February 2020. Therefore, the expediency which Mauritius responded through laws and the effectiveness with which it managed to restore international business through its financial services sector can humbly serve as lessons or best practices to jurisdictions finding themselves in similar situations with the FATF.