The adoption of a new list of 23 countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing frameworks was announced by the European Commission, in a Press Release issued on 13th February 2019. Mauritius is not in the European Commission’s blacklist.
According to a communiqué published by the Ministry of Finance and Economic Development yesterday, the European Commission’s new list not only confirms that Mauritius has in place the necessary legal framework and controls to prevent money laundering and terrorist financing risks but also underscore the effectiveness of their implementation. Mauritius has recently adopted a development strategy for its financial services sector which is based on continuous improvement, transparency and compliance with international norms and standards. It will continue to do so to ensure the sound repute and credibility of our jurisdiction.
It is recalled that the list has been established on the basis of an analysis of 54 priority jurisdictions, which was prepared by the European Commission in consultation with the Member States and made public on 13 November 2018. The countries assessed meet at least one of the following criteria: they have systemic impact on the integrity of the EU financial system; they are reviewed by the International Monetary Fund as international offshore financial centres; and they have economic relevance and strong economic ties with the EU.
For each country, the European Commission assessed the level of existing threat, the legal framework and controls put in place to prevent money laundering and terrorist financing risks and their effective implementation. It concluded that 23 countries have strategic deficiencies in their anti-money laundering/ counter terrorist financing regimes. The 23 jurisdictions are: Afghanistan, American Samoa, The Bahamas, Botswana, Democratic People’s Republic of Korea, Ethiopia, Ghana, Guam, Iran, Iraq, Libya, Nigeria, Pakistan, Panama, Puerto Rico, Samoa, Saudi Arabia, Sri Lanka, Syria, Trinidad and Tobago, Tunisia, US Virgin Islands, and Yemen.Source: Government Information Service