mardayah kona yerukunondu : beneficial ownership disclosure frameworks speech of mr mardayah kona yerukunondu, first deputy governor of the bank of mauritius, at the opening of the workshop on “ beneficial ownership disclosure frameworks ”, port louis, 23 november 2021. * * * mr alexander taymans, mr arnaud stien and mr igor bereza, experts of the eu global facility isabel yadira vecchio, technical secretary, ministry of economy and finance of panama samya abdel rahman abou sharif, chief – anti money laundering and financing terrorism unit jordan representatives of the financial services commission ladies and gentlemen a very good morning to you! it is my pleasure to welcome you to this workshop on beneficial ownership. allow me first and foremost to express the sincere gratitude of mauritius to the european union for the invaluable support provided to competent authorities to implement the icrg action plan and exit the fatf grey list. we understand that the exit of mauritius from the eu list of high risk third countries has to undergo a certain process, but we are confident that such exit is imminent. our appreciation also goes to the experts of the eu global facility, a key partner for mauritius on our aml / cft journey to improve the effectiveness of our aml / cft systems. we are indeed grateful for the technical assistance which you have provided in the various aml / cft areas, including the theme of beneficial ownership. your assistance to improve our guidance and supervisory manuals is highly appreciated, as these will be highly instrumental to bring industry practices at par with global standards. ladies & gentlemen, the theme of beneficial ownership has been high on the agenda of the fatf and consequently, on that of supervisors and legislators worldwide. media sources have highlighted numerous global scandals and high - profile cases showing that one of the ways through which criminals still manage to launder their illicit proceeds without any hurdles is through their ability to obscure the ownership of their tainted assets while still retaining control over them. allow me to bring to mind that as supervisors, you are at the forefront of the combat against money laundering and financing of terrorism. the sectors under your purview are the first lines of defence for the country against these risks and you are the overseers of their aml / cft systems. therefore, your role in ensuring the adequacy of governance, controls and processes in the financial institutions under your supervisory purview is crucial. though sanctions

of covid - 19 and we embark on the process of recovery, it becomes clearer that the very structure of our economy is called upon to change. we must now focus on identifying new economic avenues for our future generations. my call to all hr professionals in mauritius is to keep pace with our economic development as you have the key responsibility of preparing our labour force of tomorrow, not only for the banking and financial sector, but across the economy. on this note, as we all pray for better days, may i wish you and your families happy holidays. i thank you for your attention... 3 / 3 bis central bankers'speeches