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Working Together to Fight Money Laundering and Terrorist Financing

Working Together to Fight Money Laundering and Terrorist Financing. Proposals for a National Strategy by Dev Bikoo Director FIU. 18 th April, 2006. Hilton Mauritius Resort and Spa Wolmar, Flic-en-Flac. Plan. Achievements in AML/CFT Assessment and Need for AML/CFT Strategy

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Working Together to Fight Money Laundering and Terrorist Financing

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  1. Working Together to Fight Money Laundering and Terrorist Financing Proposals for a National Strategy by Dev Bikoo Director FIU 18th April, 2006 Hilton Mauritius Resort and SpaWolmar, Flic-en-Flac

  2. Plan Achievements in AML/CFT Assessment and Need for AML/CFT Strategy Proposed Components of a National Strategy Implementation of AML/CFT Strategy Concluding Remarks

  3. 1 Main Legislation AML/CFT Achievements FIAMLA Regulations (2003) Anti-Money Laundering (Miscellaneous Provisions) Act Mutual Assistance in Criminal and Related Matters Act (2003) Amendments to POCA (Sept 2005 / April 2006) ECAML (2000) DDA (2000) FIAMLA (2002) POCA (2002) POTA (2002) Conventions UN Convention Against Transnational Organised Crime (Palermo Convention) International Convention for the Suppression of the Financing of Terrorism UN Convention against Corruption (Merida Convention)

  4. 2 AML/CFT Achievements Supervision Bank of Mauritius Guidance Notes on AML/CFT (Nov 2003, June 2005) Financial Services Commission AML/CFT Codes for Insurance Entities, Investment Businesses and Management Companies Supervision Techniques / Approaches Investigation Investigatory Authorities under FIAMLA Independent Commission Against Corruption (ICAC) Commissioner of Police Comptroller of Customs

  5. 3 AML/ CFT Achievements The Financial Intelligence Unit Capacity Staff of 24, In-house Training, Overseas Training, IT Infrastructure Input 400 STRs, Anonymous Letters, “Derived STRs”, Requests of Foreign FIUs Output 200 Disseminations, 85 cases of “Unreasonable” Suspicion Non-Core Functions Awareness Creation, Training, Strategic Reports Domestic Co-operation National Committee on AML/CFT, MOU with FSC, Police, Customs Regional Co-operation ESAAMLG & FIU Development in the Region International Co-operation Egmont Committee, Egmont Outreach Working Group Sponsoring Indian FIU (FIU-IND)

  6. 1 Assessment / Need for Strategy International Community FATF, FSRB – ESAAMLG, IMF/World Bank, Egmont Group Reporting Institutions Training of Staff, Internal Procedures Cost of Compliance? Survey Non-Reporting Institutions ? Exempt from CDD, Record Keeping Public Survey Results AML/CFT Stakeholders ? Different Perspectives. National Committee Perspective

  7. 2 Assessment / Need for Strategy Do we need a national AML/CFT Strategy? Assessment of current situation! Development Strategy of Government financial stability, reputation risks remove economic distortions of ML/TF activities credit worthiness and greater FDI tools for regulators and law enforcement to protect Mauritius from negative effects of organised crimes and activities of criminal syndicates robust financial institutions - Better participation in global financial & trade systems

  8. 1 Proposed Components of a National AML/CFT Strategy Legislation Meeting international standards Avoiding ambiguities, inconsistencies or loopholes Supervision Smarter risk-based approach Compliance cost – Alternative Forms of ID / Electronic verification Other gaps and challenges Investigation Effective and rapid investigation Successful prosecution Other challenges Others Awareness and Communications Training

  9. 2 Proposed Components of a National AML/CFT Strategy Domestic Co-operation Converging Approach Friends not Competitors ! National Committee on AML/CFT International Co-operation Commitment to International Standards Exchange of Information

  10. 3 Proposed Components of a National AML/CFT Strategy Supply of Input Demand for Output The Financial Intelligence Unit (A) Striking the Right Balance CAPACITY

  11. 4 Proposed Components of a National AML/CFT Strategy • Capacity Analytical Skills and Technology IT Solutions Protection of Data • Supply of Input • Reporting Gaps LCTRs, CBTRs • Awareness Campaign on Role of FIU as a “Central Agency” • Training of MLROs • Foreign FIUs • Demand for Output • Investigators, Regulators, Others • Feedbacks • Involvement in • Regional and • International AML/CFT • initiatives The Financial Intelligence Unit (B) Core Functions • Non-Core Functions • Training, Preventive Role – Strategic Reports, Regional • Commitments

  12. Implementing a National AML/CFT Strategy Strategy: What to do? How to do it? What resources are required? Responsibilities National Committee on AML/CFT AML/CFT Stakeholders A Strategy Team? Assigning Resources to Project Technical Assistance / Consultant? Time Table of Key Events in Preparing Strategy Consultation

  13. Concluding Remarks Ground work has started at National Committee level Urgent need for a clear, well-defined and realistic AML/CFT strategy FIU Presentation - Plant Direction Flags for Discussions Final Components of Strategy and Plan is a Government Decision

  14. Thank you for your attention

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