October 6, 2026 · Jurisdiction Briefing

Mauritius: what the National AML/CFT Strategy 2026-2029 plans for supervision, sanctions screening and STRs

A national strategy is not a rulebook, and this one does not pretend to be. It is still the clearest published statement of where Mauritian supervisors, the FIU and law enforcement intend to put their effort over the next few years, and several of its actions…

The document is the National Strategy for Combatting Money Laundering and Countering the Financing of Terrorism 2026-2029. Its cover carries the name of the Ministry of Financial Services and Economic Planning and the date February 2026. The Bank of Mauritius, whose AML/CFT page presents it, says it was approved in March 2026. It builds on the National AML/CFT Strategy 2019-2022 and reflects the findings of the Second National Risk Assessment (Second NRA), whose report was published in May 2025.

What kind of document this is

It sets priorities. The foreword gives its purpose as articulating Mauritius’s policies, regulatory and operational priorities and response. It says who is expected to use it:

> “The strategy is intended to guide relevant stakeholders in the development > and implementation of their own AML and CFT strategies, policies and > mitigating controls aligned with national risk priorities.”

It is written as objectives and actions. It contains a National AML Strategy and a National CFT Strategy, each with 10 core strategic themes. Each theme is supported by specific objectives, broken down into actionable steps. Read those steps as what the authorities have said they will do. None of them is drafted as a rule addressed to your firm.

The action plans sit behind it. The foreword says AML and CFT National Action Plans were developed from the strategy and will, where relevant, be adopted at the level of competent authorities. The strategy says its implementation is guided by a phased roadmap and coordinated in line with agreed timelines. The published strategy does not set a date against any individual action, so do not read a deadline into it.

It is meant to change. The strategy calls itself a dynamic document. It will be updated, as appropriate, to reflect evolving ML/TF risks identified when the Second NRA and the other national risk assessments are updated.

Proliferation financing is not in it. Mauritius is undertaking its first National Proliferation Financing Risk Assessment, and the strategy says a dedicated Counter Proliferation Financing Strategy will be developed after it.

The risk picture behind it

The priorities follow the Second NRA, which the strategy says was conducted using the World Bank risk assessment methodology and coordinated by the Ministry.

Money laundering: Medium-High. The national ML threat and the national ML vulnerability were each assessed as Medium-High. The vulnerability rating rests on a Medium rating for the national ML combatting ability and a High rating for overall sectoral ML vulnerability.
Terrorist financing: Medium-Low, revised from Medium in the First NRA.
Threats. Domestically, the NRA identified drug trafficking, fraud and illegal bookmaking as the top three crimes generating illicit proceeds. External threats, primarily linked to fraud, corruption and tax evasion, are described as posing a greater risk because of Mauritius’s open economy.
Sectors rated Medium-High for ML: Banking, Leasing, TCSPs, Notary, Gambling, Real Estate and Dealers in Precious Metals and Stones. The strategy calls them priority areas. Leasing and notaries are named as newly identified medium-high risk sectors.
Sectors and TF. Banking was rated Medium for TF risk. Insurance, Cash Dealers, other financial institutions under the supervision of the Financial Services Commission, TCSPs, Notary, Gambling, Real Estate and Dealers of Precious Metals and Stones were rated Medium-Low.

For the Medium-High sectors, the strategy says the mitigating measures will include the allocation of resources for ongoing risk-based AML/CFT supervision, and training and capacity building for industry players.

What it plans for supervision

The supervision actions cover financial institutions, VASPs and DNFBPs. On the CFT side they also cover NPOs.

Supervision tied to the risk assessments. The risk-based approach to supervision or oversight is to be tailored so that it is commensurate and proportionate to the risks identified in the latest national and sectoral risk assessments and other emerging risks.
Assessments at entity level. The strategy lists ongoing AML risk-based assessments at sectoral and entity levels across all FIs, VASPs and DNFBPs.
Methodology that looks at the firm. Supervisory methodologies and procedures are to be reviewed considering the size, complexity and risk management capabilities of reporting persons.
Group level. One action is to enhance consolidated AML supervision of FIs, VASPs and DNFBPs at group level.
DNFBP perimeter. Another is to address residual gaps in licensing or registration requirements for DNFBPs.
Guidance. The strategy lists more comprehensive guidance on identified ML risks in line with the latest NRA, encompassing both high and low risk areas.
Penalties for breaches. The sanctions framework for breaches of AML requirements is to be enhanced so that sanctions remain effective, proportionate and dissuasive. The CFT strategy has a matching action for TF compliance failures, and refers to supervisory sanctions including fines and licence suspensions for failure to comply with CFT obligations.

The objectives behind these actions describe the mix: sector-specific guidance on AML indicators, targeted inspections focused on AML vulnerabilities, and calibrated sanctions.

Beneficial ownership

The strategy says a registry for beneficial ownership (BO) information has been put in place by the Corporate Business and Registration Department and is readily accessible by competent authorities. Its forward-looking actions are:

align the regulatory framework with FATF Recommendations 24 and 25, including new requirements on multi-layered ownership and foreign entities;
issue updated guidance on BO requirements, with ongoing training;
subject any legal or natural person, including reporting persons, to effective, proportionate and dissuasive sanctions for failure to keep accurate and up-to-date BO information.

STRs, risk assessments and outreach

Several of the capacity and outreach actions describe what reporting persons should expect to receive, and what they will be asked for.

STR diversity. The strategy lists a review and amendment of the national strategy on STR diversity. It also plans to continue promoting the diversity and quality of STRs across all FIs, VASPs and DNFBPs through guidance, training and education, focusing on the at-risk sectors.
Your institutional risk assessment. Guidance is to be provided so that institutional ML risk assessments are duly aligned with the updated ML risks identified in the latest NRA. The CFT strategy says the same for institutional TF risk assessments.
Sector guidelines. Industry-specific AML Guidelines are to be issued and/or reviewed, considering the findings of the latest NRA.
Smaller firms. One action is to sustain a culture of AML compliance by ensuring that FIs, VASPs and DNFBPs, including smaller entities, are equipped with sufficiently skilled resources.
A helpline, where possible. The strategy lists launching, where possible, an AML Compliance Helpline or Q&A platform at the level of competent authorities for real-time technical assistance. The CFT strategy lists the same for CFT.

On technology, the listed actions include encouraging the use of RegTech and SupTech solutions to monitor compliance with AML regulatory requirements, and incorporating digital onboarding and KYC verification tools to streamline compliance.

Targeted financial sanctions and sanctions evasion

The CFT strategy is where screening appears.

Screening. One action is to promote the use of automated screening systems by FIs, VASPs and DNFBPs that are capable of screening individuals and entities, including beneficial owners and transactions, against UN sanctions lists and domestic designations in real time. Another is to enhance supervisory inspections and audits to ensure entities maintain up-to-date screening tools and comply with TFS obligations.

Notification. The strategy lists developing an automated alert system for immediate notification of new or updated UN and domestic designations to all reporting persons and competent authorities. It also lists periodic drills to test the operational readiness of relevant agencies in responding to new designations and freezing obligations.

Action on a match. The strategy says it will sustain regulatory expectations for immediate action (freezing, reporting, escalation) upon positive identification of designated parties or attempted sanctions breaches.

Evasion and TF monitoring. Reporting persons are to receive national typology reports and red flag indicators to help them detect emerging evasion trends. Guidance on enhanced due diligence for high-risk customers and transactions is to be updated as appropriate, especially for those involving jurisdictions or sectors of concern for TF. A supervisory action on detecting TF-linked suspicious transactions refers to enhanced due diligence for high-risk jurisdictions known for terrorist activity, and to monitoring of small-value transactions and micro-financing patterns typical of TF operations.

Who is watching the delivery

The strategy says an Inter-Ministerial Committee on AML/CFT/CPF has been set up, and footnotes a Cabinet Decision of 7 November 2025 for its role. That committee provides strategic oversight. The National Committee for Anti-Money Laundering and Combatting the Financing of Terrorism monitors and reviews the implementation of both the strategy and the action plan, and competent authorities report to it regularly. The strategy says stakeholder consultation, including with the private sector, is integrated into the review process.

The same Inter-Ministerial Committee has been mandated to oversee and coordinate the preparatory work for the forthcoming mutual evaluation of Mauritius’s AML/CFT/CPF framework, which the strategy says will be conducted by ESAAMLG as from 2027. The strategy’s own account of the starting point is that the reforms resulted in Mauritius being rated Compliant or Largely Compliant with all the 40 FATF Recommendations.

Three things worth doing

Hold your institutional risk assessment against the Second NRA. The strategy says guidance will follow to align the two. Check now whether your assessment reflects the sector ratings and the threats listed above, and record why where it differs.
Check your screening against the wording of the screening action. It describes systems that cover beneficial owners and transactions, against UN lists and domestic designations, in real time, and it plans inspections of whether screening tools are up to date. Know which of those your set-up does, and where the gaps are.
Watch for the outputs. Updated BO guidance, industry-specific guidelines, a revised approach to STR diversity and changes to the sanctions framework are all listed as actions without published dates. Put someone in charge of tracking the Bank of Mauritius page and your own supervisor’s publications for them.

SonarPulse in this jurisdiction: AML/CFT screening software for Mauritius

Sources

This article draws on the following sources. Follow the links for the original text.

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