When referring to effectiveness, the FATF expects financial institutions and designated non- financial businesses and professions (DFNBPs) to:
- Understanding the nature and level of their money laundering and terrorist financing risks;
- Develop and apply AML/CFT policies (including group-wide policies), internal controls, and programmes to adequately mitigate those risks.
- Apply appropriate CDD measures to identify and verify the identity of their customers, including the beneficial owners, and conduct ongoing monitoring;
- Adequately detect and report suspicious transactions; and
- Comply with other AML/CFT requirements.
Appleby Mauritius in a concerted effort with the various regulators which included amongst others the Attorney General’s Office, The Financial Intelligence Unit, the Financial Services Commission and the Bank of Mauritius actively participated in furthering the action plan implemented by the Government to remedy the identified shortcomings. It has also attended the numerous working sessions during the build up to the final joint working group session for the designated non- financial businesses and professions (DFNBPs) held in September 2021 where Mauritius showed the monumental task it has performed within a short span of time to deserve being delisted from the grey list of the FATF. Partner and Head of Dispute Resolution Practice and Designated Compliance Officer for the Mauritius Office, Yahia Nazroo together with Regional Compliance Manager for Africa and Asia, Sharvada Bholla-Thodda represented law firms of Mauritius at the final joint working group session for the DFNBPs where the assessors reviewed what progress has been achieved in the implementation of the FATF action plan.
