Mauritius said Tuesday it is fully committed to implementing recommendations of the Financial Action Task Force (FATF), amid reports that a Sebi panel wants tighter rules for foreign investors coming from non-FATF countries.
Mauritius is a member of the Eastern and Southern African Anti Money Laundering Group (ESAAMLG) which was launched in 1999 and the ESAAMLG is also an associate member of the FATF since June 2010.
The FATF is an inter-governmental policy-making body that was set-up in 1989 to promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. It has 37 members, including India.
"By signing the memorandum of understanding of the ESAAMLG in 1999, Mauritius endorsed the FATF recommendations and committed itself to implement these recommendations," said Faraz Rojid, the head of Financial Services at the Economic Development Board of Mauritius in a statement.
He further said, "Mauritius has, through the years, taken significant steps to enhance its framework for anti-money laundering and combating the financing of terrorism and implement the recommendations contained in its mutual evaluation reports."
The island nation has been one among the early countries to have been assessed under the Financial Sector Assessment Programme (FSAP). The assessment of standards and codes found a high level of compliance with internationally accepted norms and best practices, he noted.
The Securities Exchange Board of India (Sebi) has set up a committee headed by former RBI deputy governor HR Khan to look into FPIs related issues.
Last week, Rojid had said that Mauritius IFC is a tax compliant jurisdiction and had put in place appropriate legislation for the exchange of information with other nations as per global norms.
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