Mauritius on track for removal from European Union’s list of high-risk third countries after FATF Plenary. … Such classification by the EC has been made in light of the Financial Action Task Force (FATF) classifying Mauritius in February 2020 under its “grey list” (i.e. jurisdiction with strategic deficiencies).
Is Mauritius in FATF GREY list?
Mauritius has moved a step closer towards exiting the Financial Action Task Force’s (FATF’s) grey list, with the inter-governmental body — which sets anti-money laundering standards — acknowledging the progress the island nation has made in its fight against money laundering and terrorist financing.
Which countries are blacklisted by FATF?
As of 21 February 2020, only two countries were on the FATF blacklist: North Korea and Iran.
High-risk and non-cooperative countries, not committed to an action plan:
Is Mauritius still blacklisted?
The EU blacklist became applicable on 1 October 2020. … In February 2020, Mauritius was placed on the FATF’s ‘grey list’ of jurisdictions subject to increased monitoring.
Why is Mauritius GREY list?
Mauritius was placed on the FATF grey list in February 2020 as a result of strategic deficiencies identified by the FATF in its AML/CFT system.
Is Mauritius a sanctioned country?
Although Mauritius has developed a reputation as a well-regulated financial jurisdiction, its regulatory and enforcement scheme has some limitations. A new government came to power in Mauritius after general elections in December 2014, announcing its intention to curb fraud and corruption and promote good governance.
Is USA a FATF country?
The United States is a founding member of the FATF, and has undergone three assessments against the FATF Recommendations. The FATF assessment in 2006 found that the United States had implemented an AML/CFT system that was broadly in line with the international standard.
What if Pakistan is blacklisted?
In August, Prime Minister Imran Khan had warned that if blacklisted at the FATF, Pakistan’s entire economy will be destroyed due to inflation and a massive fall in Pakistani Rupee.
Which country is in blacklist?
The current FATF blacklist includes two countries: North Korea and Iran. While it has no direct investigatory powers, the FATF monitors global AML/CFT regimes closely to inform the content of its blacklists.
Is Mauritius Part of EU?
List of non-EU countries
|MARSHALL ISLANDS (THE REPUBLIC OF)||GSPSearch for available translations of the preceding linkEN•••|
|MAURITANIA||EBASearch for available translations of the preceding linkEN•••|
|MAURITIUS||ACPSearch for available translations of the preceding linkEN••• (Interim ESA-EU EPA)|
In which list is Mauritius?
Returning to the UK
Mauritius was removed from the banned travel list (‘red list’) on 19 March. All travellers returning from Mauritius must now follow the rules to enter the UK from abroad. Check the latest guidance for England, Northern Ireland, Scotland and Wales.
What means money laundering?
Money laundering is the process of disguising the proceeds of crime and integrating it into the legitimate financial system. Before proceeds of crime are laundered, it is problematic for criminals to use the illicit money because they cannot explain where it came from and it is easier to trace it back to the crime.
What are the consequences of FATF GREY list?
The research paper titled ‘Bearing the cost of global politics – the impact of FATF grey–listing on Pakistan’s economy’ states that that grey–listing events spanning from 2008 to 2019, may have resulted in total GDP losses worth USD 38 billion, The Express Tribune reported.
What does GAFI mean?
GAFI stands for General Authority for Investment and Free Zones (Egypt) Suggest new definition.
What is AML and CFT?
Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT)