Reply: I would like to be a bit elaborate in my reply, as this question, if not properly addressed, may have a negative impact on the Financial Services Sector. This Government is firmly committed to building, strengthening and sustaining a robust, credible and effective Anti-Money Laundering and Countering the Financing of Terrorism framework. This is not only a policy priority, but a strategic choice to safeguard the integrity of our financial system and preserve Mauritius’ standing as a trusted international financial centre. The financial services sector currently contributes 12.5% to GDP as at December 2025 with a net growth of 4.8%, generates over 60% of total corporate tax revenues, amounting to MUR 15.4 billion and supports direct employment for more than 19,000 professionals in Mauritius. As you are aware, in February 2020, Mauritius was placed on the FATF grey list following the identification of five key strategic deficiencies. These related primarily to weaknesses in the risk-based supervision of non-bank financial institutions and designated non-financial businesses and professions, gaps in ensuring access to accurate and up-to-date basic and beneficial ownership information, including its verification by competent authorities, the need to demonstrate that law enforcement agencies were effectively conduction money laundering investigations, including parallel financial investigations and complex cases, as well as shortcomings in implementing a risk-based approach to targeted financial sanctions through adequate outreach and supervision. This is why this Government has, as soon as, it assumed office taken all necessary steps to ensure that Mauritius has a robust and up-to-date AML/CFT/CPF regime. The second National Risk Assessment which was supposed to have been carried out in 2022 was not yet done. Recognising the urgency and its critical importance, I intervened directly to unblock the processes, ensure full coordination across institutions, and monitored its completion. As a result, the second National Risk Assessment exercise was completed in May 2025 and subsequently released, providing Mauritius with an up to date understanding of its ML and TF risks to guide policy, supervision and enforcement actions. In addition, a number of sectoral risk assessments have been undertaken, with several already completed and others scheduled for finalisation by June 2026. This is essential because risks are not static. They evolve, and new threats continue to emerge, particularly for a jurisdiction such as Mauritius with a strong international financial services sector. It is, therefore, no longer sufficient to rely on historical data or past reforms. To ensure a structured and forward-looking approach, Government has approved the National AML/CFT Strategy for the period 2026 to 2029. The National Strategy outlines specific actions to enhance the country’s effectiveness in mitigating risks. It reflects Government’s proactive approach towards maintaining economic and financial integrity as well as strengthening national security. This is supported by a National Action Plan, which sets out the responsibilities of each institution to strengthen our regime. In addition, a Mutual Evaluation Roadmap has been developed as part of our preparatory efforts in 2025. This roadmap serves as a practical tool to map key milestones, assign responsibilities, track progress and ensure that Mauritius is prepared ahead of the 2027 Mutual Evaluation. Strong governance and oversight are at the heart of this process. A robust coordination mechanism is in place, with the National Committee on AML/CFT/CPF comprising representatives of all competent authorities meeting on a monthly basis under the Chairmanship of the Senior Chief Executive of my Ministry. Secondly, the Core Group on AML/CFT, comprising all relevant heads of key institutions under the Chairmanship of the Financial Secretary is also meeting monthly. Thirdly, the Inter-Ministerial Committee, co-chaired by the Attorney General and myself, meets every two months. This ensures close monitoring of progress, timely resolution of bottlenecks, and sustained high- level political oversight. It is a clear demonstration of the importance that Government attaches to this work. At the operational level, several important reforms are underway. These include the establishment of a central register of trusts under the Financial Services Commission, the development of a Centralised Information Management System (CIMS) at the level of my Ministry, and the continuous training and capacity-building of officers to ensure that they remain abreast of evolving FATF standards and methodology. At the same time, public–private engagement has been significantly strengthened to support financial institutions and designated non-financial businesses and professions in enhancing their compliance and risk understanding. Furthermore, Mauritius is actively engaging with international partners, including peer jurisdictions such as Latvia and India, which have recently undergone their Mutual Evaluations, in order to benefit from their experience and best practices in preparing for the assessment process. Preparations for the 2027 Mutual Evaluation are well underway. A comprehensive Technical Compliance Assessment was conducted in 2025 based on the revised FATF methodology. This exercise enabled us to identify any legislative gaps, particularly in relation to the 12 revised FATF Recommendations. An AML/CFT/CPF (Miscellaneous Provisions) Bill has been introduced to ensure continued alignment with international standards. A key milestone in our preparation is the Mid-Term Independent Review Exercise commissioned by my Ministry. This exercise was designed to mirror the actual Mutual Evaluation process and was conducted in line with the 2025 revised FATF methodology, with a primary focus on effectiveness across the Immediate Outcomes. This exercise has provided a clear and evidence-based roadmap to further strengthen our AML/CFT regime and reinforce Mauritius’ readiness for the next Mutual Evaluation cycle. Here I must emphasise that the Mutual Evaluation will start in February 2027 with an on-site visit of ESAAMLG Assessors planned for February/March 2028. In case any deficiency is identified in our AML/CFT/CPF regime, the country will be placed in the Post Observation Period for 1 year between October 2028 to October 2029. In the case these deficiencies are still not addressed, the FATF may place the jurisdiction in the Grey list in February 2030. Based on the findings of this Mid-Term Independent Review Exercise, an Action Plan has been developed and formally adopted by the National Committee, chaired by my Ministry. The implementation and operationalisation of this Action Plan by the 16 competent authorities are being closely monitored through established coordination mechanisms, with oversight by the Inter- Ministerial Committee. It is important to emphasise that these efforts are not undertaken merely for the purpose of an assessment. They are fundamental to safeguarding the integrity of our financial system, protecting the reputation of Mauritius, and ensuring continued investor confidence. Our reputation as a trusted international financial centre has been built over many years through the combined efforts of Government and the private sector, and it is our collective responsibility to preserve and strengthen it. This requires a sustained, whole-of-government approach, strong public- private partnership, and continued vigilance. Mauritius has demonstrated that it can reform decisively and deliver results. The challenge now is to sustain these gains and translate them into measurable effectiveness. Let me emphasise the need for responsible behaviour in our rhetoric. This is an issue of national interest, not restricted to just the financial services sector. There are wider economic consequences which includes adverse impact on our Foreign Direct Investment flow, our banking deposits, our liquidity, our balance of payments, and foreign exchange stability. We need to be mindful that due to ignorance of such a technical subject, we do not scare investors and put at risk by our irresponsible narrative at a time when we need to grow a sector which is our best performing sector and at a time when opportunities are at the doorstep in regard to what is happening in the Middle East region. 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