We will have to wait for the next plenary session of the Financial Action Task Force scheduled for October 2021 for a delisting of Mauritius from the grey list.
What are the risks ?
1. We have to show that in combatting money laundering effectively , we have put in place a proper supervision of casinos, bookmakers and of gambling and non-financial activities, as critically noted by the FATF. Have we ? ( given the the latest “gabégies” from the GRA and its gaming mogul, we still have a long way to go !)
2. We have to demonstrate sustained progress in ML not only on reporting and investigations, but on prosecutions, and convictions. We have to show improvement on these indicators of effectiveness. How many people have been prosecuted and charged ?
3. Can ICAC, which is the law enforcement body responsible for tackling money laundering activities, convince the on-site inspectors of the FATF that it has made progress in the many prominent cases that it has been investigating for years , including the high profile ones. How many have been prosecuted and convicted ?
4. The role and structure of bodies dealing with money laundering, including FIU and ICAC, have not been reviewed to wage a more effective fight against money laundering. A thorough institutional restructuring to combat financial crime, including Money Laundering, would have been more convincing to the FATF inspectors.
Let’s keep our fingers crossed. We are not out of the woods yet. We cannot afford to be too hopeful with this incompetent regime !!!
