EU List of High-Risk Third Countries: Communique by the Government of Mauritius
The Mauritius Ministry of Financial Services and Good Governance of Mauritius (“MFSGG”) has issued a Communique on 01 October 2020 confirming that the EU List of High-Risk Third Countries (“EU List”) including Mauritius takes effect as from 01 October 2020.
The MFSGG also provided an update on the progress being made by Mauritius to implement within the agreed timeline all the requisite measures (“Action Plan”) to be removed from the FATF Grey List (also known as the list of jurisdiction under increased monitory by the Financial Action Task Force).
Mauritius is adamant that once it is removed from the FATF Grey List, the EU will subsequently remove it from the EU List.
Mauritius was required to submit a revised progress report to the FATF on 31 July 2020 for review by the Financial Action Task Force Africa/Middle East Joint Group (“A/ME JG”) and followed by an updated progress report on 31 August 2020. On 08 September 2020, at the request of Mauritius, a virtual face to face meeting was held between the A/ME JG and the implementing agencies.
During the meeting, the A/ME JG underlined the efforts and steps undertaken by Mauritius, in particular under the difficult circumstances caused by the COVID-19 pandemic and has commended Mauritius on the progress made as at date.
The A/ME JG has also noted that the Government of Mauritius considers the Action Plan seriously, and prioritises necessary actions to complete the Action Plan ahead of the agreed timeline. Furthermore, it encouraged the authorities to continue their efforts further in that direction. It is expected that Mauritius will have to submit a second progress report to the FATF for consideration at the February 2021 Plenary.