This training, therefore, comes at an opportune time, when the implementation of the AML/CFT risk-based approach ranks high on the agenda of all AML/CFT Supervisors in Mauritius. Let me conclude by inviting all participants to ponder upon this statement of the FATF.
I quote: ‘the risk-based approach to AML/CFT supervision is not a ‘zero failure’ approach, as financial institutions may, in spite of all the reasonable measures taken to identify and mitigate risks, still be used for ML/TF purposes.’ Unquote. We supervisors are fully aware that the perfect supervisory regime does not exist.