Mauritius - Major Drive to Strengthen Fight Against Financial Crimes with $700k AfDB-Backed TACFiC Project

Executive Summary

• The Government of Mauritius has secured an African Development Bank (AfDB) grant under the Middle-Income Countries Technical Assistance Fund (MIC-TAF) to implement the Technical Assistance for Combating Financial Crimes (TACFiC) Project.
• This capacity-building initiative aims to strengthen Mauritius’ legislative, regulatory, institutional, and policy frameworks for fighting financial crimes, money laundering, terrorist financing, and illicit financial flows (IFFs).
• Key deliverables include a
• National Financial Crimes Policy and Strategy, an implementation plan, Standard Operating Procedures, updated sectoral risk assessments, enhanced AML/CFT readiness ahead of the Mutual Evaluation, and
• A diagnostic study on innovative financing instruments through Public-Private Partnerships (PPPs).
• With a grant of approximately UA 520,000 ( USD 713,000), the project runs from 2026 to early 2028 and is executed by the Ministry of Finance with the Financial Crimes Commission (FCC) and BOT Unit as primary beneficiaries.
• As Mauritius consolidates its position as a credible International Financial Centre, TACFiC represents a strategic, coordinated effort to address capacity gaps, improve operational readiness, and reinforce economic resilience against economic crime.
• Procurement activities have now commenced, offering opportunities for private-sector engagement and input.

BOARD BRIEFING

What

• The Government of the Republic of Mauritius has secured a grant from the African Development Bank (AfDB) under the Middle-Income Countries Technical Assistance Fund (MIC-TAF) to implement the Technical Assistance for Combating Financial Crimes (TACFiC) Project.
• This is a technical assistance initiative designed to strengthen Mauritius’ overall framework for fighting financial crimes, including money laundering, terrorist financing, illicit financial flows (IFFs), and economic crimes.
• It combines policy development, operational tools, institutional capacity building, and preparation for the upcoming AML/CFT Mutual Evaluation.

Key components include:

• Development of a National Policy and Strategy against financial crimes, plus a 5-year strategy for the Financial Crimes Commission (FCC)
• Creation of an implementation plan and Standard Operating Procedures (SOPs)
• Strengthening capacity for AML/CFT compliance and Mutual Evaluation readiness
• Enhanced capabilities to combat illicit financial flows
• Sectoral risk assessments (target: 4 updated)
• Legal and regulatory framework improvements
• Diagnostic and identification of innovative financing instruments via Public-Private Partnerships (PPPs) for infrastructure
• Overall project coordination, stakeholder alignment, procurement, financial management, monitoring, audit, and reporting in line with AfDB guidelines

The project

• The project is executed under the Ministry of Finance, Economic Planning and Development,
• With the Financial Crimes Commission and the Build-Operate-Transfer (BOT) Unit as key beneficiaries.

Why

As an established International Financial Centre, Mauritius must maintain a credible, robust, and transparent compliance environment to protect its reputation, attract legitimate investment, and safeguard against illicit flows that could undermine economic stability.

The TACFiC Project addresses current capacity constraints and moves beyond incremental improvements.

It signals a strategic shift toward:

• Stronger coordination across government and private sector
• Forward-looking policy design and operational readiness
• Better resilience against financial crimes
• Enhanced ability to mobilise sustainable financing (including PPPs)

This directly supports Mauritius’ ambition to remain a trusted, competitive jurisdiction and aligns with broader national goals of financial integrity and economic resilience.

When

• Appraisal: March 2025
• Approval: January 2026
• Effectiveness & First Disbursement: February 2026 (recently achieved)
• Implementation period: 2026–2028
• Last Disbursement: June 2028
• Project Closing Date: 28 February 2028

The project is now in the early implementation phase, with procurement activities expected to commence shortly following the recent General Procurement Notice.

Whom (Key Stakeholders)

• Beneficiary / Executing Agency: Ministry of Finance, Services and Economic Planning
• Primary Implementing Partners: Financial Crimes Commission (FCC), Build-Operate-Transfer (BOT) Unit
• Funder: African Development Bank (AfDB) – MIC-TAF grant of UA 520,000 ( USD 713,000), with counterpart contribution of at least 15%
• Other involved parties: Regulatory bodies, law enforcement agencies, private sector (especially for PPP aspects), and development partners

The initiative requires active coordination across government institutions and engagement with the private sector to support PPP diagnostics and sustainable financing.

What Next

• Launch of procurement processes for consultants and technical expertise (guided by the recent General Procurement Notice)
• Development and validation of the National Financial Crimes Policy and FCC 5-year Strategy
• Training and capacity-building programmes (target: 120 FCC staff trained, 30% women)
• Updating of sectoral risk assessments and strengthening of legal/regulatory frameworks
• PPP diagnostic study to identify bankable infrastructure projects
• Regular project monitoring, interim reporting to AfDB, and stakeholder alignment workshops

Expected deliverables by project completion (2027/2028): Approved national policy, operational SOPs, improved AML/CFT readiness, and identified PPP opportunities.

What Shall I Do (Recommended Actions for the Board / Organisation)

1. Note and endorse the strategic importance of the TACFiC Project for Mauritius’ position as an International Financial Centre.
2. Instruct Management to actively monitor project developments and participate in relevant stakeholder consultations or working groups where the organisation can contribute expertise (particularly on PPPs, risk management, or private-sector perspectives).
3. Assess internal implications — review how strengthened national AML/CFT frameworks and new SOPs may affect our own compliance obligations, risk assessments, and client onboarding processes.
4. Consider opportunities — explore potential collaboration on PPP diagnostics or capacity-building initiatives that align with our business strategy.
5. Request a follow-up briefing in Q3 2026 on procurement outcomes and any specific implications or engagement points for our sector/organisation.

This project represents a positive, high-level government commitment that can benefit the entire financial ecosystem if private-sector input is effectively incorporated.

Sources  

• Below is a clean, verified list of the most relevant public sources.
• The primary official documents are hosted on the African Development Bank website.

Primary Official AfDB Documents:

1. General Procurement Notice (GPN) – Published 26 March 2026 https://www.afdb.org/en/documents/gpn-mauritius-technical-assistance-combatting-financial-crimes-tacfic-project
2. Project Appraisal Report – Published 26 February 2026 (full detailed report) https://www.afdb.org/en/documents/mauritius-technical-assistance-combatting-financial-crimes-tacfic-project-appraisal-report
3. Direct PDF of the Appraisal Report (highly recommended – contains full details, timelines, results framework, etc.) https://www.afdb.org/sites/default/files/documents/projects-and-operations/mauritius_tacfic_mic_taf_appraisal_report_final_and_approved-_11.02.2026_.pdf
4. Project Page on MapAfrica (overview and SAP code P-MU-KF0-003) https://mapafrica.afdb.org/en/projects/46002-P-MU-KF0-003

Additional Supporting Sources:

1. Financial Crimes Commission (FCC) Mauritius – Announcement on National Policy and Strategy under TACFiC https://fcc.mu/development-of-a-national-financial-crimes-policy-and-strategy/
2. DevelopmentAid – Project Tender/Approval Summary https://www.developmentaid.org/tenders/view/1616733/mauritius-technical-assistance-for-combatting-financial-crimes-tacfic