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News snippets from the Global Business Industry and others |
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EU Blacklist Update: FATF commends the tremendous progress made by Mauritius
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As previously communicated in past editions of our newsletters, the inclusion of Mauritius on the EU list - on account of its addition to FATF’s ‘Jurisdiction under increased monitoring’ list -has taken effect since 1 October 2020.
Concerned authorities have been propelled to come forward with new and improved strategies to address the deficiencies identified by the Financial Action task Force (FATF) as well as to implement the proposed Action Plan forthwith.
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FSC: Introduction of the Settlement Framework
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The Financial Services Commission (FSC) published the Settlement Framework (the “Framework”) on 11 December 2020. The purpose of the framework is to assist in resolving certain cases which have been instigated by the FSC against licensees who have committed breaches.
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FSC: Repeal of the Code on the Prevention of Money Laundering & Terrorist Financing
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| In a communique issued on 6 November 2020, the Financial Services Commission (FSC) announced the repeal of the Code on the Prevention of Money Laundering & Terrorist Financing (the “Code”) in light of the revamping of the AML/CFT legal framework.
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MRA: Deferment of tax payment under APS and CPS & Renewal of TASS
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| In a view to assist taxpayers and employers in improving their cash flow, the Mauritius Revenue Authority (MRA) has made the following announcements through a communique on 6 November 2020:...
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Mauritius renews membership to the World Alliance of International Financial Centres
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| Mauritius renewed its membership to the World Alliance of International Financial Centres (WAIFC) in July 2020, having joined this initiative a year before.
The WIAFC is a strategic initiative regrouping reputable International Financial Centres (IFCs) across the globe. It essentially aims at fostering cooperation, communication and exchange of best practices among financial centres.
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Establishment of review mechanism for Mauritius Treaties / Conventions/ International Agreements
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| The Ministry of Foreign Affairs, Regional Integration and International Trade intends to set up a mechanism to review the Treaties/Conventions/International Agreements that Mauritius is a party to.
The aim of the exercise is to ensure that the Agreements concluded by Mauritius are accurately reflected in domestic legislation, implemented in line with international obligations and bring tangible benefits to the country.
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Africa Warehousing Scheme for Mauritian companies
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In line with the proposals put forward in the 2020/2021 Budget, the Government has introduced the Africa Warehousing Scheme (AWS) whose aim is to subsidise the rental and administrative costs of warehouses in selected African countries. This will in turn make “Made in Mauritius” products more accessible and competitive in African markets.
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Mauritius and Seychelles: Strengthening economic ties
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The President of the Republic of Seychelles – H.E. Wavel Ramkalawan – is all praise for Mauritius during his three-day state visit to the country at the beginning of December 2020. He commended the Mauritian private sector which has been a driving force for the economy.
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Visit of Minister of Foreign Affairs of Japan to Mauritius
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On his official visit to Mauritius, the Japanese Minister of Foreign Affairs -HE Toshimitsu Motegi - reiterated the long-term assistance from the Government of Japan to Mauritius in response to the MV Wakashio oil spill.
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Bank of Mauritius: Member of the Groupe des Superviseurs Bancaires Francophones
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The Bank of Mauritius’ (BoM) request to integrate the Groupe des Superviseurs Bancaire Francophones (GSBF) was approved in September 2020. |
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Mo Ibrahim Index 2020 - Mauritius retains the top spot
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| The IIAG gives a comprehensive overview of Governance across the African continent, defining it “as the provision of the political, social and economic public goods and services that every citizen has the right to expect from their state, and that a state has the responsibility to deliver to its citizens.
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| fDi’s Global Free Zones of the Year 2020 – Mauritius ranked in the top 10 |
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| The fDi issued the “Global Free Zones of the Year 2020” report in October 2020, which recognises the World’s best free zones. Globally, the Mauritius Freeport ranked 9th, while it is “Highly Commended” for the African region.
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2020 Legatum Prosperity Index: Mauritius is the most Prosperous country in Africa
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| The Legatum Institute’s 2020 Prosperity Index (the “Index”) aims at providing a comprehensive analysis of the Prosperity level- a multifaceted concept that takes into account both social and economic wellbeing -through 12 pillars encapsulated under three essential domains namely:...
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The Mauritius Premium Visa
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| As mentioned in one of our previous newsflash, the Government of Mauritius launched the Premium Visa (the “Visa”) on 16 November 2020. The Visa grants foreigners* from countries listed in the Eight Schedule of the Passport Regulations i.e. those who do not require a visa to travel to Mauritius - the opportunity to reside in a covid-19 safe destination, for a one-year period which can be renewed thereafter.
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| Extension of Quarantine period in Mauritius |
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The Minister of Health and Wellness will amend the relevant legislation to extend the quarantine period from 15 January 2021 to 15 February 2021.
In this regard, amendments will be made to extend the prohibition of entry of aircrafts and ships in Mauritius until 15 February 2021, except for those aircrafts and ships as may be approved by the Prime Minister.
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This is our last round of e-news for the year 2020. We hope to have been a gateway to pertinent information throughout this out-of-the-ordinary journey and we shall be back next year for more news and updates. On behalf of the ITL Family, we wish you peace and happiness during this festive season and throughout 2021.
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ITL Data Protection compliance programme - Reminder
As you are aware, we hold your contact details on our database and have been sending you regular newsletters and updates about the latest developments in the Mauritius financial landscape and other areas of interest.
Following recent changes in the EU General Data Protection Regulation (GDPR) and the Mauritius Data Protection Act 2017, we now require your consent to hold your personal data. Please click here to confirm that you still want to hear from us and get the latest news about the Mauritius International Financial Centre.
Should you wish to opt out of our future e-mail communications, please click here to stop receiving correspondence from ITL. Alternatively, you may use the unsubscribe button at the bottom of all our communications or send us an e-mail at unews@intercontinentaltrust.com
Data security and protection is of prime importance to us and we invite you to read our privacy policy which provides information about how we manage and process your personal information.
We are only a phone call or an e-mail away. If you have any comments, questions or concerns about any of the information in our policy, or any issues relating to the processing of personal data by ITL, please contact your regular contact person at ITL or write to us on dpo@intercontinentaltrust.com
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DISCLAIMER The information in this e-newsletter was prepared by Intercontinental Trust Limited to provide potential clients with a broad overview of the opportunities available in Mauritius. While all reasonable care has been taken in the preparation of this e-newsletter, Intercontinental Trust Limited accepts no responsibility for any errors it may contain, whether caused by negligence or otherwise, or for any loss, however caused, sustained by any person that relies on it. Readers are advised to consult with appropriate, qualified professional advisors before taking action. Intercontinental Trust Limited will be pleased to discuss any specific issues.
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