News snippets from the Global Business Industry and others
Global Business & Financial Services
FSC releases FAQ on Robotic and Artificial Intelligence Enabled Advisory Services
The Financial Services Commission (FSC) released an FAQ on the Robotic and Artificial Intelligence Enabled Advisory Services on 28 October 2021 in a bid to provide further guidance and information on this new type of service.
FSC: Administrative Arrangement for transfer of personal data between EEA & non-EEA Authorities
On 1 September 2021, the Financial Services Commission (FSC) signed the Administrative Arrangement (“AA”) for the transfer of personal data between European Economic Area (“EEA”) Authorities and non-EEA Authorities, and was subsequently added to the Master List of Appendix B signatories published on the International Organization of Securities Commissions (“IOSCO”) website.
Amendments will be brought to the Double Taxation Avoidance Agreement (DTAA) between Mauritius and Germany to ensure compliance with the Base Erosion and Profit Shifting (BEPS) project recommendations through the signing of a protocol (the “Protocol”).
At its Plenary held on the 19-21 October, the Financial Action Task Force (FATF) took the decision to remove Mauritius from its list of “Jurisdictions under Increased Monitoring” (commonly referred to as the “FATF Grey List”).
Further to a meeting held by the Monetary Policy Committee (MPC) on 20 October 2021, the Bank of Mauritius (BoM) has announced that it is keeping the Key Repo Rate (KRR) unchanged at 1.85% per annum.
Global Cybersecurity Index 2020: Mauritius 1st in Africa
The rapid digital adoption driven by the Covid-19 pandemic has brought forward the need for a secure and transparent cyberspace rooted in addressing cybersecurity gaps by fostering knowledge, upskilling, and building competencies.
Seychelles Domestic Companies & Associations to benefit from amnesty programme
In a bid to address the challenges faced by domestic companies and associations in meeting their obligations under the Companies Act and Registration of Associations Act in view of the Covid-19 situation, the Seychelles Government has introduced an amnesty programme ending on 31 July 2022 to grant these structures an opportunity to reach their compliance target.
Blue economy: UNCTAD Award & Launch of Aquaculture sector in Seychelles
With Seychelles having a direct dependence on its marine resources, as well as an abundance of it, it poses an advantage for the island to tap into the potential of the Blue economy concept.
The Economic and Financial Affairs Council of the European Union (EU) opted to remove Seychelles from Annex I of the list of non-cooperative jurisdictions for tax purposes (commonly referred to as the “EU Blacklist”), following a meeting held on 5 October 2021.
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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.
