Section 14C of the FIAMLA requires all reporting persons, as defined under the FIAMLA to register with the FIU, established under Section 9 of the FIAMLA. On 27th March 2024, the FIU issued a Notice ‘FIU/Notice/2024/01’ (‘the Notice’) with respect to registration of reporting persons pursuant to Section 14C of the Financial Intelligence and Anti-Money Laundering Act (FIAMLA)

On 11th March 2024, the FATF has updated its risk-based guidance following the February 2023 revisions to FATF Recommendation 25 on Beneficial ownership and transparency of legal arrangements.

The SADC Secretariat successfully operationalized the SADC Anti-Money Laundering Committee (‘the SADC AML Committee’) at inaugural meeting of the SADC AML Committee held between 21 and 23 February 2024 in Johannesburg, South Africa. The SADC AML Committee has the objectives, among others, to facilitate the convergence of the AML/CFT policies, laws and regulatory practices of SADC Member States within the framework of the FATF Recommendations and support effective and proportional action against money laundering and the financing of terrorism in the region.

The Egmont Group released its Public Summary report on the “Abuse of Virtual Assets for Terrorist Financing Purposes’’. Virtual Assets abused in terrorism financing is a current focal point of discussions. As per the Egmont group, understanding trends in emerging technologies will enable the identification of potential vulnerabilities associated with new technologies, particularly virtual assets.

A significant event took place as delegates from Angola, representing various key authorities, visited FIU Mauritius to offer their expertise and support in the post Mutual Evaluation implementation process. The visit aimed to foster collaboration and knowledge sharing between the two nations, particularly in the field of financial intelligence and compliance

In recent years, cyber- enabled fraud is a major transnational organized crime that has grown significantly. On 9th November 2023, the FATF published a report on ‘Illicit Financial Flows from Cyber-enabled Fraud’ that identifies risk indicators and useful anti-fraud requirements and controls, that may help public and private sector entities detect and prevent cyber enabled fraud and related money laundering

In 16 November 2023, the Financial Action Task Force (FATF) published amendments to the FATF Recommendations which will provide law enforcement, financial intelligence units, prosecutors, other asset recovery practitioners and competent authorities with a more robust toolkit to target and confiscate criminal assets

On 16th November 2023, the Financial Action Task Force (FATF) has updated its Best Practices to reflect the amendments to Recommendation 8 and to help countries, the non-profit sector and financial institutions understand how to effectively protect relevant NPOs from abuse for terrorist financing, without unduly disrupting or discouraging legitimate NPO activities

On 16th November 2023, the Financial Action Task Force (FATF) amended Recommendation 8 and its Interpretative Note to address the misapplication and misinterpretation of Recommendation 8, that had led countries to apply disproportionate measures on Non-Profit Organisations (NPOs)