The EU Global Facility Team Leader David Hotte delivered a presentation on AML/CFT Developments at the Emerald Jubilee (55th Anniversary) of the Bank of Mauritius 🇲🇺 this week, alongside representatives from 20 Central Banks from Africa, Asia, the Middle East and Europe.
Held under the title “Adapting to our Future”, the event was inaugurated by Mauritius Prime Minister Pravind Kumar Jugnauth, Mauritius’ Minister of Finance, Economic Planning and Development, Renganaden Padayachy and the Governor of the BoM, Harvesh Seegolam.
In his welcoming remarks, Mr Seegolam insisted: “there is no one-size-fits-all solution as each country has its own specificities and, therefore, solutions have to respond to economic realities on the ground.”
He outlined the “series of timely, tailor-made and bold measures which protected the country’s financial system in the last few years. […]
The hallmark in the evolution of the Bank of Mauritius has been its institutional strength, and I can confidently affirm that the measures have reaped the expected results and the banking system has successfully weathered the crisis unscathed.”
A reality that David Hotte focused on during his presentation on “AML/CFT Developments”, stressing the need for “tailor-made and context-adapted regulatory and legislative changes in the banking sector.”
“AML/CFT is an ever evolving matter and countries from all over the world need to be constantly on the lookout for new threats to their frameworks. This is why the EU Global Facility is so strongly committed to promoting a South to South technical assistance where experts trained by the EU GF can subsequently become trainers for their peers and colleagues from other countries of their region (and elsewhere).”
As part of its technical assistance to the partner country of Mauritius, the EU Global Facility provided continuous technical assistance through various training and activities from June 2019 to May 2022.
💡Mauritius was officially removed from the list of high-risk third countries with regards to anti-money laundering and counter-terrorist financing (AML/CFT) by the FATF