A distinguished panel of industry leaders convened on June 27th for a comprehensive discussion on the evolving regulatory landscape in Mauritius and its impact on Anti-Money Laundering (AML) compliance. Hosted by award-winning platform Cascade at the Royal Green Wellness Resort, this exclusive event provided financial professionals with a unique opportunity to gain valuable insights from experts and engage in productive networking. The event was graced by The Honourable Soomilduth Bholah, Minister of Financial Services and Good Governance, who delivered the keynote address.
Leading Figures Share Perspectives on Mauritius’ Robust AML Framework
The esteemed panel comprised of prominent figures including Priscilla Balgobin-Bhoyrul (Dentons), Shamima Mallam-Hassam (Trident Trust), Ameer Caunhye (Axis Fiduciary Ltd), Ammar Oozeer (BLC Robert & Associates), Shahannah Abdoolakhan (Abler), and Maciej Waloszyk (Cascade). These individuals shared their perspectives on recent developments in Mauritian AML regulations and explored strategies for ensuring robust compliance.
Shahannah Abdoolakhan, CEO of Abler Group, emphasised the significance of AML/CFT compliance, stating, “AML-CFT is not just about compliance. It’s about safeguarding our financial systems, protecting our institutions, and most importantly, it’s about creating a safer world for all of us. The insights shared today will equip us with the knowledge and tools to navigate the evolving landscape of AML/CFT. Let’s engage, learn, and work together towards a safer and more secure financial environment.”
Mauritius: A Leader in AML/CFT Compliance
In his keynote address, Minister Bholah highlighted that Mauritius has made significant strides in strengthening its AML/CFT framework, adhering to international standards and best practices. He underlined Mauritius’ achievements in achieving a “Compliant” or “Largely Compliant” rating for all 40 FATF Recommendations.
Minister Bholah elaborated on the importance of national risk assessments in identifying areas susceptible to money laundering and terrorist financing activities. He emphasised the proactive approach of the Mauritian authorities in staying ahead of evolving threats and implementing measures to mitigate identified risks. The recent legislation on virtual assets, establishing a robust legal framework meeting FATF standards, was also noted as a significant accomplishment.
“This led Mauritius to be the first country in Africa to be rated Largely Compliant on FATF Recommendation 15 relating to New Technologies,” Minister Bholah stated. “For technological advancement to contribute to the growth of the financial services sector, we need to demonstrate a high level of effectiveness of the system. This calls for sustainability of our processes to prevent the misuse of our financial system. Embracing emerging technologies such as artificial intelligence and blockchain can bolster our detection capabilities and improve the efficiency of compliance processes.”
The Minister explained that the Ministry had developed a comprehensive roadmap for continuous progress in protecting the financial sector. Key initiatives include:
- The introduction of an AML/CFT/CPF Bill to address legislative gaps identified during risk assessments and meet FATF standards.
- Finalisation of the national risk assessment exercise and the ML/TF risk assessment of legal persons and legal arrangements.
- A mid-term independent assessment to evaluate the technical compliance and effectiveness of Mauritius’ AML/CFT/CPF Framework in line with FATF Standards.
Industry Leader Recognises Mauritius’ Commitment to AML/CFT
Maciej Waloszyk, Founder of Cascade, applauded Mauritius’ commitment to AML/CFT compliance. He highlighted the similarities between Mauritian and Luxembourgish AML/KYC regulations, indicating a mature market well-suited for Cascade’s solutions.
“The main takeaway is that Mauritius is going to continue to be a very serious player in AML KYC,” Waloszyk said. “The emphasis placed by the Minister on the importance of AML/KYC laws and regulations resonates with our experience in Luxembourg. There is a need for clear guidance from authorities on interpreting regulations, and technology offers solutions to address the growing demands of the regulatory landscape and increasing business volumes.”
The event fostered a valuable dialogue between industry leaders and financial professionals, solidifying Mauritius’ position as a leader in AML/CFT compliance.
