AML/CFT compliance

Regulatory History

Understand how Mauritius’ AML/CFT framework has evolved and the key legislation that shapes today’s compliance responsibilities.

Regulatory history

Timeline of AML/CFT regulatory developments in Mauritius

2000–2002

Foundation of the AML framework

2000

Dangerous Drugs Act 2000

  • Expanded measures relating to proceeds of drug trafficking.
  • Groundwork for asset confiscation and financial investigations.
2002

Financial Intelligence and Anti-Money Laundering Act (FIAMLA)

  • Criminalised money laundering and established the FIU.
  • Introduced STR, customer identification and record keeping.
  • Facilitated cooperation with foreign authorities.
2002

Prevention of Corruption Act

  • Established the ICAC.
  • Strengthened efforts against predicate offences.

2004–2007

Strengthening the financial sector framework

2004

Banking Act 2004

  • Introduced stronger AML obligations for banks.
  • Enhanced customer due diligence requirements.
2004

Bank of Mauritius Act 2004

  • Expanded the regulatory role of the central bank.
  • Enhanced AML supervision of banks.
2007

Financial Services Act 2007

  • Modernised supervision of the non-bank financial sector.
  • Established the Financial Services Commission (FSC).

2009–2014

FATF alignment and risk-based compliance

2009

Alignment with FATF Standards

  • CDD, EDD, PEPs and beneficial ownership.
  • Progressive alignment with revised FATF Recommendations.
2011

Asset Recovery Act 2011

  • Strengthened confiscation and recovery of criminal proceeds.
  • Improved enforcement capabilities.
2012–2014

Implementation Phase

  • Risk-based AML supervision.
  • Enhanced monitoring of DNFBPs.
  • Greater international cooperation.

2015–2018

Expansion beyond traditional financial institutions

2015–2018

Extension to DNFBPs (Gatekeepers)

  • AML obligations extended to accountants, lawyers, real estate professionals, dealers in precious metals and stones, trust and company service providers.
  • Focus on beneficial ownership transparency and accountability.

2018–2020

Addressing international deficiencies

2018

FIAMLA Regulations 2018

  • Comprehensive AML/CFT requirements: risk assessments, CDD, monitoring, internal controls, staff training and record keeping.
Feb 2020

FATF Grey Listing

  • Mauritius placed under increased monitoring.
  • Triggered major reforms across the AML/CFT system.

2020–2021

Major reform period

2020

Legislative Amendments

  • Strengthened beneficial ownership transparency, national coordination, targeted financial sanctions, supervision and enforcement.
2020

Real Estate Agent Authority Act 2020

  • Strengthened oversight of the real estate sector.
  • Enhanced AML obligations in property transactions.
Oct 2021

FATF Grey List Exit

  • Mauritius successfully completed its Action Plan.
  • Removed from the FATF Grey List.

2021–2022

Virtual assets and new risks

2021

Virtual Asset and Initial Token Offering Services Act

  • Licensing framework for VASPs.
  • AML/CFT obligations for crypto businesses.
  • Alignment with FATF Recommendation 15.
Feb 2022

Act Came Into Force

  • VAITOS Act came into force on 7 February 2022.

2022–2024

AML/CFT and proliferation financing

Financial Crimes Commission Act

2022–2024

Focus Areas

  • Proliferation Financing (PF) and Targeted Financial Sanctions (TFS).
  • Beneficial Ownership Registers and risk-based supervision.
  • Effectiveness testing and international cooperation.