Risk Assessment of Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs)
In line with the FATF Recommendation 15, Mauritius conducted a risk assessment exercise in order to identify, assess and understand the ML/TF risks faced by the country in relation to VAs and VASPs.
This risk assessment constitutes a fundamental tool to guide competent authorities, businesses and financial institutions in the implementation of appropriate control measures. In addition, the assessment has laid the foundation for the enactment of a legislation on VAs/VASPs.
Comprehensive Legislation on Virtual Assets
Mauritius has, in its quest for maintaining the integrity of its jurisdiction, enacted a new comprehensive legislation to regulate the business activities of supervising virtual asset service providers and issuers of initial token offerings.
The enactment of the Virtual Asset and Initial Token Offering Services Act 2021 has further addressed the technical deficiencies identified by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) and contains necessary provisions to curb the risk of money laundering and terrorism financing with respect to the use new technologies.