Government reinforces AML/CFT/CPF Compliance in the cooperative credit union sector

A workshop on Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing (AML/CFT/CPF) Compliance and Suspicious Transaction Reporting opened, today, at the Bank of Mauritius in Port Louis, at the initiative of the Ministry of Industry, SME and Cooperatives.

The workshop brought together key stakeholders, including the Minister of Industry, SME and Cooperatives, Mr Sayed Muhammad Aadil Ameer Meea; the Governor of the Bank of Mauritius, Dr Priscilla Muthoora Thakoor; and representatives of the Financial Intelligence Unit (FIU), the Attorney General’s Office and cooperative credit unions.

In his keynote address, Minister Ameer Meea said that the workshop forms part of ongoing initiatives to strengthen AML/CFT/CPF compliance within the cooperative credit union sector, with particular emphasis on suspicious transaction reporting and the practical implementation of FATF Recommendation 20. He highlighted the need to move beyond awareness of legal requirements and ensure their effective application in the day-to-day operations of institutions.

The Minister noted that the cooperative credit union sector comprises 146 credit unions serving more than 70,000 members, with an annual turnover of around Rs 1.4 billion. He underlined the important role of credit unions in promoting savings, providing access to credit and supporting financial inclusion, while stressing the responsibility of the sector to ensure that its institutions are not misused for illicit purposes.

He also highlighted recent measures to strengthen the AML/CFT/CPF framework. These include enhanced supervisory powers of the Registrar of Cooperative Societies in 2025 and the Anti-Money Laundering, Combatting the Financing of Terrorism and Countering Proliferation Financing (Miscellaneous Provisions) Act 2026, which introduced a requirement for cooperative societies to maintain an accurate, adequate and up-to-date Register of Beneficial Owners.

According to Minister Ameer Meea, all 146 credit unions in Mauritius and Rodrigues are now registered on the goAML platform, representing 100 per cent registration of the sector. He stressed, however, that registration must be followed by effective use of the system, including the ability to identify red flags, escalate concerns and submit timely and good-quality suspicious transaction reports.

He further recalled that credit unions are reporting persons under the Financial Intelligence and Anti-Money Laundering Act and that suspicious transactions must be reported to the Financial Intelligence Unit within five working days after suspicion arises. He emphasised that reporting does not require proof that an offence has been committed, but arises when information and circumstances give rise to suspicion or reasonable grounds for suspicion.

The Minister also welcomed the establishment by the Registrar of Cooperative Societies of a Special AML Compliance Team to assist credit unions in complying with recent legislative amendments and support the sector ahead of the ESAAMLG pre-evaluation. He called on the leadership and Internal Controllers of credit unions to cooperate fully with the team.

For her part, the Governor of the Bank of Mauritius emphasised the importance of safeguarding the integrity and stability of the financial system. She noted that, given their community-based and trust-driven model, cooperative credit unions must remain vigilant against the risk of being misused for illicit financial activities.

Dr Thakoor underlined the importance of Suspicious Transaction Reports as a key tool in the fight against financial crime, adding that effective reporting requires a sound understanding of customers and awareness of financial crime indicators and red flags. She encouraged cooperative societies to foster a culture of vigilance and ensure that suspicions are assessed and reported to the FIU without delay when required.

The programme includes presentations by the Bank of Mauritius, the FIU and the Attorney General’s Office on compliance, risk management, governance, accountability, identification of suspicious activities, emerging typologies, use of the goAML platform, legal requirements, tipping-off and recent legislative developments. The workshop underscores the importance of coordinated action among regulatory and enforcement institutions and the cooperative sector in strengthening Mauritius’ resilience against financial crime.

01 October 2026

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Topics: Cooperatives