Mauritius Country Summary

FATF Status

Mauritius is no longer on the FATF List of Countries that have been identified as having strategic AML deficiencies

Latest FATF Statement - 21 October 2021

The FATF welcomes Mauritius’s significant progress in improving its AML/CFT regime. Mauritius has strengthened the effectiveness of its AML/CFT regime and addressed related technical deficiencies to meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in February 2020. Mauritius is therefore no longer subject to the FATF’s increased monitoring process. Mauritius will continue to work with ESAAMLG to improve further its AML/CFT system.

European Commission list of countries with strategic deficiencies in their AML/CFT regimes

Mauritius was removed from the EU Commission list of high risk countries in March 2022.

Compliance with FATF Recommendations

The latest follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Mauritius was undertaken in 2022. According to that Evaluation, Mauritius was deemed Compliant for 26 and Largely Compliant for 14 of the FATF 40 Recommendations. It remains Highly effective for 0 and Substantially Effective for 0 of the Effectiveness & Technical Compliance ratings.

Corruption in Mauritius is relatively low compared to regional standards, yet concerns persist, particularly regarding high-profile cases involving political figures. The establishment of the Financial Crimes Commission in December 2023 aims to enhance the fight against corruption, although it has faced criticism for potentially undermining democratic processes. Despite improvements in the Corruption Perceptions Index, reports indicate a decline in democratic governance and increasing corruption since 2017, with ongoing efforts to address political party financing and strengthen anti-corruption laws.

Mauritius has developed a stable and competitive economy, achieving middle-income status in less than 50 years, with a real GDP growth averaging 4.7 percent from 1968 to 2017. As of 2023, the country's per capita GDP was reported at $14,300, and despite setbacks from the COVID-19 pandemic, GDP growth rebounded to an estimated 7 percent in 2023, driven by a strong tourism sector and diversification into manufacturing and services.

Mauritius has established a pro-trade and investment climate, characterized by a well-regarded legal and regulatory framework that actively seeks foreign direct investment. The government has signed Double Taxation Avoidance Agreements with 46 countries and promotes the country as a safe and secure place for business, although recent political and economic corruption scandals have raised concerns about transparency. The Economic Development Board serves as a single gateway for investors, providing support and aftercare services to facilitate business operations in the country.