ARTICLE · 19 MAY 2021

Risk And Compliance: The Viable Outsourcing Option

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Reporting persons are required to have an independent audit function to review and verify compliance with and effectiveness of the measures taken in accordance with the FIAMLA and regulations issued...

MauritiusGovernment, Public Sector

The COVID-19 pandemic may have given certain flexibility in paying bills or rents but certainly not in terms of complying with laws and regulations in relation to the prevention of money laundering and terrorist financing. The pandemic coincided with the listing of Mauritius on the FATF's grey list and the EU's blacklist and since then there is a high-level political commitment to get Mauritius out of the lists. This inevitably caused a drastic change in the regulatory landscape.

Increased scrutiny from AML CFT regulators

The Financial Services Commission ("FSC") has, since March 2020, implemented a plan for 2020-2021 with a target to complete about 350 inspections on an annual basis. The inspections are AML/CFT focused and are risk based so it allows for dedicated AML/CFT supervisory attention to be directed to the riskiest sectors and entities under the FSC's supervisory purview. Follow-up inspections are also carried out to ensure that the remedial plans are

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