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Mauritius to strengthen vigilance to safeguard its financial hub against illicit purposes

Mauritius to strengthen vigilance to safeguard its financial hub against illicit purposes

It is the responsibility of one and all from policy makers to regulators and operators to step up vigilance and strengthen measures against those who seek to use our financial hub for illicit purposes in the face of ongoing challenges of Anti-Money Laundering compliance.

The Minister of Financial Services and Good Governance, Mr Mahen Kumar Seeruttun, made this statement on July 24 at the Hennessy Park Hotel, Ebène, during the award of certificate ceremony for a three-day training programme on Anti-Money Laundering and Combatting Financing of Terrorism (AML/CFT) at the initiative of the Civil Service College Mauritius, operating under the purview of the Ministry of Public Service, Administrative and Institutional Reforms.

Minister Seeruttun, emphasised that we should dispel the notion that AML/CFT is only for banks and players in the financial services sector. According to him, financial crime can erode the integrity of the financial system and it is highly corrosive for the society as a whole.

Government is committed to responding to these evolving threats and taking every step necessary to keep the country and compatriots safe, added Mr Seeruttun. On this score, he underpinned the contribution of each and every one which he said, will remain valuable as the country will continue to strengthen and modernise the AML/CFT regime. The ability to maintain Mauritius’ reputation as a clean and trusted International Financial Centre is a collective responsibility, said Minister Seeruttun.

He reiterated the unfavourable listing by the Financial Action Task Force with regard to AML/CFT which has been a severe blow for the country and untimely in the aftermath of Covid-19. In this context, he stressed that although Mauritius has been red carded, we are taking this setback as an opportunity to correct deficiencies and reinforce the effectiveness of our regime. Hence, he recalled the need to reinforce the AML/CFT Compliance Culture for one and all as the risk of money laundering is a national one.

The Minister of Public Service, Administrative and Institutional Reforms, Mr Teeruthraj Hurdoyal, also present, spoke of the importance of training to public officers which he said, is a requisite in improving service delivery in the Public Service. He dwelt on the Management Information System (MIS) set up by his Ministry to monitor among others the key performance index with priorities on three particular aspects namely; e-procurement, training and corruption risks. According to him, the MIS is an essential tool to identify training needs for the public officers.

Over 30 participants across different Ministries and Parastatal bodies attended the training which is in line with Government’s continued determination to adhere to international standards in the fight against money laundering and terrorism financing.

Source: govmu.org