Regulatory Alerts2020-08-26
Guidelines on Implementing Targeted Financial Sanctions Under the UN Sanctions Act 2019
Issued by Mauritius' National Sanctions Secretariat in August 2020, these guidelines establish the operational framework for implementing United Nations Targeted Financial Sanctions under the 2019 Sanctions Act. Reporting persons, including licensed financial institutions and designated professional service providers, must conduct sanctions screening against UN Security Council lists for Iran and North Korea to freeze assets, prohibit fund availability, enforce arms embargoes, and apply travel bans. The guidelines mandate continuous monitoring of listed parties, their beneficial owners, and entities acting on their behalf, while outlining reporting procedures, authorization mechanisms, and statutory exemptions to ensure compliant counter-proliferation financing across Mauritius.