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FATCA Reporting – Fast approaching deadline |
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| Our readers are hereby reminded that all entities falling under the purview of the Foreign Account Tax Compliance Act (FATCA) will have to report on their US accounts holders, for the period 1st January 2015 to 31st December 2015, no later than 31st July 2016. |
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FSC issues Explanatory Notes to the Guidelines for Advertising and Marketing of Financial Products |
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On 1st April 2016, the Mauritius Financial Services Commission (FSC) issued its Explanatory notes (ENs) to the Guidelines for Advertising and Marketing of Financial Products (the Guidelines).
The ENs provides further guidance to the Promoters of financial products on the appropriate standards and conditions to be adhered to. |
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FSC Mauritius signs MoU with FSA Seychelles
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T he Mauritius Financial Services Commission (FSC) and the Seychelles Financial Services Authority (FSA) signed a Memorandum of Understanding (MoU) on 3rd March 2016 with regard to mutual assistance and the exchange of information for the purpose of enforcing and securing compliance with their respective Laws and Regulations.
Click Here to view more information about the MoU. |
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FSC Mauritius signs MoU with FSRA Swaziland
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The Mauritius Financial Services Commission (FSC) and the Financial Services Regulatory Authority (FSRA) signed a Memorandum of Understanding (MoU) on 31st March 2016 with regard to mutual assistance and the exchange of information for the purpose of enforcing and securing compliance with their respective Laws and Regulations.
Click Here to view more information about the MoU. |
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Bank of China granted a banking licence to operate in Mauritius
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In our February 2016 newsletter, we informed our readers of the intention of the Bank of China (BOC) to launch a branch in Mauritius further to which, the Bank of Mauritius granted a banking licence to the BOC on 18th March 2016.
The BOC is the first Chinese bank to conduct banking operations in Mauritius. |
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State visit of President of the Republic of Madagascar to Mauritius
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| On the occasion of the National Day celebrations, HE Mr. Hery Rajaonarimampianina, President of the Republic of Madagascar visited Mauritius and attended the flag raising ceremony as the guest of honour.
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Richest Africans live in Mauritius |
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According to the 3rd edition of the Africa 2016 Wealth Report released in March 2016, Mauritians are the wealthiest persons of the African continent, with an estimated average wealth of USD21,700 per person.
The report also revealed that there are approximately 165,000 High Net Worth Individuals (HNWIs) living in Africa, with combined wealth holdings of US$860 billion. The other interesting point noted from the report is that the African private banking market is expected to grow by 7% per annum over the next 10 years.
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Mauritius boasts the Best Airport in Africa |
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The Airports Council International announced the results of the 2015 Airport Service Quality (ASQ) Awards on 29th February 2016 and Mauritius was proclaimed winner for the African region.
The ASQ Awards are based on passenger surveys carried out at over 300 airports across more than 80 countries worldwide in 2015 and takes into account 34 key service areas and includes 8 major categories such as access, check-in, security, airport facilities, food and beverage, retail etc.
To view the results of the ASQ Awards: Click Here
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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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