Financial Crime: Mauritius rated as low risk and establishment of the Financial Crime Commission

According to the Financial Crime Country Dashboard for Mauritius published by the Financial Crime News (FCN) on 15 December 2023, Mauritius is rated 16/100 and having a “Low” Threat level, with a “Moderate – High” Response at 37/100, resulting in an overall Risk of Low at 26/100, using the FCN Methodology.

 

This rating reaffirms Mauritius’ position as a country that prioritizes the strengthening of its legal and regulatory framework while consistently adhering to best international standards and practices.  Over the years the country has successfully translated its commitments to transparency into concrete actions, resulting it in achieving compliance/partial compliance with all of the 40 FATF recommendations.

 

In addition, the Financial Crimes Commission Act (the “Act”) was legislated in December 2023 in a bid to further combat and curb financial crimes.  The Act provides for the establishment of the Financial Crimes Commission (FCC) which shall serve as the apex body in Mauritius to detect, investigate and prosecute financial crimes and any other related ancillary offence. The FCC will necessitate the merger of the following existing bodies: the Independent Commission Against Corruption, the Asset Recovery Investigation Division and the Integrity Reporting Services Agency.  As such it is expected that there will be a harmonisation of the procedures already in place as well as a reinforcement of the existing provisions. 

 

Stay tuned for more updates on the FCC.