EU blacklist – Cross-border transactions: authorities attempt a maneuver with foreign banks

While the entry into force of Mauritius on the blacklist of the European Union is effective, the Ministry of Finance has, through a press release issued this Thursday, October 1, once again insisted on the fact that Mauritius is in the process of doing everything to get out of the gray list of the Financial Action Task Force (FATF) as soon as possible. Following this, the process of delisting from the blacklist should be done automatically.  Thus, the government has undertaken to follow to the letter the recommendations of the European authorities with a view to applying the FATF Action Plan. In addition, the Ministry of Finance specifies that the competent authorities have also provided the necessary clarifications to foreign banks and correspondent banks in order to facilitate cross-border transactions from October 1, 2020.  “This approach has largely contributed to providing the necessary comfort with regard to compliance standards and to maintaining confidence in the jurisdiction,” says the ministry.

Below is the press release from the Ministry of Finance:

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