Mauritius, the Bahamas, Botswana, Ghana and Iraq were on the Blacklist of the European Union (EU). However, in the early weeks of 2022, the ban was lifted by the EU.
For the island country of Mauritius, which had worked to build a powerful global financial centre, it was especially painful to be identified as a jurisdiction with “strategic deficiencies” in anti-money laundering and combatting the financing of terrorism (AML/CFT). Mauritius was blacklisted by the EU in October 2020.
Having already had its concerns hailed by the global Financial Action Task Force (FATF), the Mauritian government was at that point teaming up with international officials, and had instituted a better form of the AML/CFT regulation.
Regaining its status as a trusted platform for global transactions was critical for Mauritius, which has been building its economy, with some success, around the financial services sector.
Last year, the country strengthened its economic joint effort with Africa as well as China and India with key trade and economic agreements, including sanctioning of the African Continental Free Trade Area Agreement and the Free Trade Agreement with China, and the signing of the Composite Economic Cooperation and Partnership Agreement with India.
The Bahamas, Botswana, Ghana and Iraq, who were on the list, can basically hurl a sigh of relief, after the ‘stain’ was lifted from their heads early this year. These nations would not have any desire to return to that status, and would make a solid effort to meet all prerequisites of the EU.