Sharing of information, expertise and resources is key to the overall effectiveness of FIUs. It is with this aim that FIU Mauritius acted as co-sponsor, together with FIC South Africa, for FIC Rwanda’s membership application to the Egmont Group of FIUs.
During August 2023, 3 officers from FIU Mauritius participated in the readiness exercise of FIC Rwanda whereby the state of FIU Rwanda in light of the Egmont requirements was assessed and an action plan was devised based on minor deficiencies identified.
As part of the exercise, which lasted a week, the officers of FIU Mauritius reviewed Rwanda’s current framework. The FIU Mauritius officers met with representatives of FIC Rwanda, Ministry of Finance of Rwanda, Law Enforcement Authorities (Police, Revenue Services, Prosecutors and Asset Forfeiture Office), banks, insurance companies, mobile money operator and the DNFBP sector to understand their AML/CFT regime and collaboration with FIC Rwanda. The sponsors subsequently prepared a report based on their findings and presented same to the Director General of FIC Rwanda. The report was also submitted to the Egmont Secretariat.
The Final Onsite Visit, which will present a clear conclusion as to whether FIC Rwanda meets the legal and operational status criteria for membership consideration, is planned for 1st quarter of 2024.
Supporting other FIUs in the region is a priority for FIU Mauritius as this will foster a more robust and coordinated response to financial crime, contributing to global efforts to combat money laundering and terrorist financing. As such, FIU Mauritius will continue to support other FIUs in the region in their process to become part of the Egmont Group of FIUs, which is a key requirement under the FATF R29.