If the Mauritian financial sector is in trouble because it is now on the European Union (EU) blacklist, it is because of a disconcerting lightness on the part of the authorities concerned, especially the Ministry of Finance. This is the opinion of the president of the Association et de la Protection des Consommateurs (APEC).

“As of September 2019, just over two months before the general elections, the authorities implemented 35 of the FATF's 40 recommendations. After the November general elections, the new incumbent in Finance seemed to be somewhat lost in his priorities even though the Covid-19 pandemic had not even appeared in the country yet,” maintains Suttyhudeo Tengur. The latter highlights that in the absence of consistent economic diplomacy with the government to put this issue on hold, the EU took the decision on 7 May last to list Mauritius on its blacklist. “A decision that was endorsed by the Council of the EU and then by the European Parliament. So it's June and we haven't seen any reaction from the government,” he said.

Since 1 October last year, Mauritius has been on the black list of the twelve countries singled out by the EU. “And the Ministry of Finance, in a press release, reassures that the authorities are doing everything possible to remove the country from the FATF's “grey list” and therefore from the European black list. After death, herbal tea,” says the president of APEC. The latter recalls that the FATF has pointed out the strategic deficiencies of the Mauritian State with regard to money laundering and terrorist financing.