Mauritius' Financial Crimes Commission Act 2023

International trade transactions play a crucial role in the global economy, facilitating the exchange of goods and services across borders. Nevertheless, the international trade system is fraught with risks and vulnerabilities that can be used to commit financial crimes. The Financial Action Task Force, an international inter-governmental body that develops policies to combat money laundering and the terrorist financing, defines trade-based money laundering (TBML) as the "process of disguising the proceeds of crime and moving value through the use of trade transactions in an attempt to legitimise their illicit origins." TBML is achieved through various means including over-invoicing, under-invoicing and misrepresentation of goods shipped among other more complex fraudulent practices.