Following the plenary session held on the 21-23 October 2020 the FATF praised the effort and progress made by Mauritius in it’s attempt to meet all action items recommended by the FATF. Mauritius remains focused on proving its adherence to the international best practice norms for the fight against money laundering, terrorist financing and proliferation […]
The Financial Intelligence Unit (“FIU”) has issued a notice on 16 October 2020 on “Registration of Reporting Persons pursuant to Section 14C of the Financial Intelligence and Anti Money Laundering Act (FIAMLA)”. The FIU is in the process of registering reporting persons and a timeframe has been set therein. Please click HERE to access the
The Mauritius Ministry of Financial Services and Good Governance of Mauritius (“MFSGG”) has issued a Communique on 01 October 2020 confirming that the EU List of High-Risk Third Countries (“EU List”) including Mauritius takes effect as from 01 October 2020. The MFSGG also provided an update on the progress being made by Mauritius to implement
EU List of High-Risk Third Countries: Communique by the Government of Mauritius Read More »
The Financial Services Commission (FSC) of Mauritius has issued a revised guideline on “Fitness and Propriety” on the 29th September 2020. The Guidelines aim at clarifying the criteria to be taken into consideration by the FSC in assessing the “fitness and propriety” of an applicant/licensee which includes their internal policies, procedures and controls and applying them
We are pleased to share with you an article from the Managing director of Axis fiduciary Ltd, Mr. Assad Abdullatiff, on the implications with regards to the Global business sector following the insertion of Mauritius on the European Union blacklist. You may access the article HERE.
On the 31st August 2020 the Financial Services Commission of Mauritius has issued an updated practice notes for qualified trustees and management companies. You may access the updated practice notes HERE.
UPDATED PRACTICE NOTES FOR QUALIFIED TRUSTEES AND MANAGEMENT COMPANIES Read More »
The Financial Services Commission of Mauritius (“FSC”) has issued a communique on the 31st August 2020 to inform the public that they have issued the (Peer to Peer Lending) Rules 2020 (the ‘P2P Lending Rules’) with the objective of fostering innovation and furthering access to finance in Mauritius. In that respect, the Financial Services (Consolidated
FSC Mauritius issues the Financial Services (Peer to Peer Lending) Rules 2020 Read More »
It will be recalled that the Hon. Minister of Finance, Economic Planning and Development presented the Budget 2020-2021 at a time of unprecedented crisis – locally and globally. The Finance (Miscellaneous Provisions) Act 2020 (No. 7 of 2020) amends a series of legislation for the implementation of the measures announced in the Budget Speech 2020-2021
The Finance (Miscellaneous Provisions) Act 2020 Read More »
The Bank of Mauritius (“BoM”) has in collaboration with the Financial Services Commission (FSC) and Financial Intelligence Unit (FIU) organised a workshop on 07 August 2020 for Money Laundering Reporting Officers (“MLROs”). The workshop has been crafted with the aim of apprising MLROs on the criticality of Anti-Money Laundering and Combatting the Financing of Terrorism
Workshop for Money Laundering Reporting Officers organised by the Bank of Mauritius Read More »
Following the decision of the Financial Action Task Force (“FATF”) at its Plenary Meeting of 19-21 February 2020 to include Mauritius on its list of jurisdictions under increased monitoring, and the listing of the country on the EU List of High Risk Third Countries issued by the European Commission on 7 May 2020, the Mauritian
The Financial Services Commission has released a communique on the 21 July 2020 to inform the public that an exemption from the requirements of rule 6(c) and (d) of the securities (disclosure obligations of reporting issuers) rules 2007 – audited financial statements for reporting issuers has been granted, provided that the conditions which are mentioned in
The Financial Services Commission (FSC) OF Mauritius had issued a communique on the 21 July 2020 on the extension of the deadline of the filing and reporting obligations for licensees with financial year ended 30 June 2020 and Quarterly/Interim Financial statements ending 31 July 2020 to 30 September 2020. The FSC also highlights that the
FSC – Regulatory relief on filing and reporting obligations Read More »
The Financial Services Commission (“FSC”) has released a communique on the 12th June 2020 publishing its Enforcement Manual. The Enforcement Manual spells out the different policies and procedures that the commission will be using to identify, investigate and take decisions where relevant laws and/or any other guidelines have been breached. This will enable transparency, certainty
The Financial Services Commission publishes its Enforcement Manual Read More »
In its attempt to keep pace with the fast evolving fintech landscape, the financial services commission has issued a guidance note on Security Token Trading System. The CEO Mr. Dhanesswurnath Thakoor went on to say: “The publication of a Guidance Note on Security Tokens Offering (STO) and Security Tokens Trading Systems is another stepping stone
Security Token Trading Systems Read More »
We are pleased to share with you two important communiques from the local authorities in Mauritius. MRA – Important dates The Mauritius Revenue Authority (“MRA”) has released a communique on the 12 June 2020 regarding the filing of returns/statements and payment of income tax and Value Added Tax (“VAT”) whereby they have informed that: the due date for electric
Important communiques from the local authorities in Mauritius Read More »
Our New Normal: The Economy Of Life At the very outset, the Honourable Minister of Finance, Economic Planning and Development set the scene for his maiden Budget Speech: a budget at ‘a time of unprecedented crisis’, a ‘deep contraction globally and locally’ and a ‘GDP contraction of up to 11 percent this year’ for Mauritius
Budget Speech 2020 – 2021 Read More »
We are pleased to share with you a thought-provoking article by our Managing Director, Mr. Assad Abdullatiff, on “Global Business Industry: Addressing the Existential Threat”, which appeared on the local newspaper, L’Express last week. In this article, he deep-dives into the Global Business Industry in Mauritius in light of the recent EU List of high-risk
Global Business Industry: Addressing the Existential Threat Read More »
THE COVID-19 (MISCELLANEOUS PROVISIONS) ACT 2020 AND THE QUARANTINE ACT 2020: A LEGISLATIVE PROGRAMME TO COMBAT THE PANDEMIC Shortly after the first cases of COVID-19 were confirmed in Mauritius, the Prime Minister announced that the country would be in confinement as from 20 March 2020. We are still in a state of sanitary curfew until
THE COVID-19 (MISCELLANEOUS PROVISIONS) ACT 2020 AND THE QUARANTINE ACT 2020 Read More »
Following the extension deadline of the Foreign Accounts Tax Compliance Act (“FATCA”) reporting to 30 September 2020, the MRA has now issued another communique on the 14 May 2020 to inform stakeholders that the due date for the transmission of CRS information to the MRA, regarding filing obligations under CRS, which was due on the
In light of the unprecedented Covid-19 pandemic, the MRA has issued a communique on 28 April 2020 to inform the stakeholders that the due date for the transmission of FATCA information to the MRA, regarding the filing obligations under FATCA, has now been extended to 30 September 2020. The communique did not provide any guidance
Background The Mauritius Minister for Financial Services has issued a Communique in response to the European Commission decision on 7 May 2020 to include Mauritius on its List of high-risk jurisdictions. Through a delegated EU Directive concerning AML/ CFT regulations, the Commission, published on 7 May 2020 by way of a Regulation the revised methodology
The Financial Services Commission (“FSC”) issues another communique on Thursday 16 April 2020, further to the communiqué issued by the FSC on 30 March 2020 (https://bit.ly/2wQO5za), in regards to “Filing and reporting obligations during the COVID-19 curfew period”. The FSC has informed that they will have a flexible approach when monitoring compliance and will not
Filing and reporting obligations during the COVID-19 curfew period! Read More »
By an Order of the India’s Ministry of Finance of 13 April 2020, the Central Government specifies Mauritius as an eligible country for the purposes of the SEBI (Foreign Portfolio Investors) Regulations 2019. It entitles a Mauritius foreign portfolio investor to apply for a Category 1 FPI Licence and gives implicit recognition to Mauritius entities
The sudden outbreak of the COVID-19 has left individuals and businesses with many pressing questions that need answers. Click HERE to read the FAQ from our sister company ‘BLC ROBERT & ASSOCIATES’, where our lawyers provide answers to a wide range of legal questions which may arise as a result of the impact of COVID-19
COVID-19 impact on businesses from a Mauritius Law perspective! Read More »
The inclusion of Mauritius on the Financial Action Task Force (FATF) list of jurisdictions under increased monitoring comes as a surprise given the gargantuan progress that Mauritius has made over the past years. In July 2018, the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) issued its Mutual Evaluation Report (MER) which identified 58 recommended
Following the announcement made last night by the Prime Minister of Mauritius, Honourable Pravind Kumar Jugnauth, on the country’s two-weeks lock-down, the Financial Services Commission (“FSC”) of Mauritius has issued a communiqué regarding its Business Continuity Plan (the “Communiqué”). The FSC is reassuring the industry that it will continue to remotely engage with its licensees
Communiqué from the FSC: Statement on Covid-19 Read More »
Following its inclusion on the EU list of non-cooperative tax jurisdictions on 18 February 2020, the Government of Seychelles has issued a press release on 21 February 2020 to explain the rationale of why they have been included in that list and to confirm its commitments for tax reforms to comply with the EU standards
Seychelles remains committed to tax reforms to comply with the European Union standards! Read More »
As we begin the year 2020, the Financial Services Commission (“FSC”) issued a Handbook to provide guidance to financial institutions on the anti-money laundering, financing of terrorism and financing of proliferation of weapons of mass destruction framework. The Handbook which is almost a hundred-page long is a supplement to the Code on the Prevention of
France has now released its new list of tax heaven jurisdictions as initially announced in December 2019 by its Minister of Public Accounts, Mr. Gérald Darmanin. Four countries, namely Anguilla, British Virgin Islands, Bahamas and Seychelles, have now been added to the list whilst the following 6 countries have now been removed: Botswana, Brunei, Guatemala,
France issues updated list of Tax heaven Jurisdictions! Read More »
Following the announcement of the revamping of the Special Purpose Fund (”SPF”) regime in the National Budget 2019/2020 , the Financial Services Commission (“FSC”) has now issued a consultation paper to set out the proposed new criteria for this regime. The industry stakeholders have been invited to submit their feedback on same by end of
Consultation paper on regulatory framework of Special Purpose Fund Read More »
The second Enhanced Follow-up Report & Technical Compliance Re-rating of Mauritius sets out the country’s progress in strengthening anti-money laundering and counter terrorist financing measures since the 2018 assessment. Mauritius has made considerable progress in addressing deficiencies and the ESAAMLG has upgraded the country on 19 of the 40 Recommendations, in addition to the 11
Mauritius Compliant with FATF Recommendations Read More »
The Workers’ Rights Act 2019 (the “Act”) came into force by proclamation in the Government Gazette on 24 October 2019. The provisions of the Act relating to “Portable Retirement Gratuity Fund”, however, will only come into effect on 1 January 2020. The Act repeals the Employment Rights Act 2008 (“ERA”). Our sister law firm BLC
The New Workers’ Rights Act 2019 Brings Key Employment Law Changes Read More »
The Economic and Financial Affairs Committee of the European Union (EU) has, on the 10th October 2019, confirmed that Mauritius is fully compliant with all commitments on tax cooperation and EU tax good governance principles. The EU also remarked that Mauritius has implemented ahead of schedule all necessary reforms in line with its previous commitments.
EU confirms that Mauritius is compliant with EU Tax Good Governance Principles! Read More »
The Income tax (Amendment No.2) regulations 2019 (the “Regulations”) has recently been passed on 20 August 2019. The Regulations, which shall be deemed to have come into operation on 01 July 2019, have been made to clarify the following matters: Conditions to be met by tax-resident companies to avail of the Partial Exemption Regime (“PER”);
The Income Tax Act – New Regulations relating to the Global Business Sector! Read More »
Mauritius enacted the Declaration of Assets Act (the “DoA Act”) in December 2018 and it came into force in June 2019. The main objective of the DoA Act is to provide a new legal framework governing the declaration of assets in the public sector in Mauritius. The declaration is not limited to members of the
Declaration of Assets Act 2019 Read More »
THE FINANCE ACT & THE BUSINESS FACILITATION ACT 2019 Axis Fiduciary Ltd in collaboration with BLC Robert & Associates address some of the important features of the legislative amendments following the National Budget 2019/2020 delivered by the Honourable Prime Minister and Minister of Finance Pravind K. Jugnauth before the Mauritian National Assembly on 16 June
The Finance Act & Business Facilitation Act 2019 Read More »
We are pleased to share our insights on the recent Budget of Mauritius 2019/2020 which highlights the key measures relating to the financial services industry. To view the full article, please click here.
Axis Budget Insights 2019-2020 Read More »
A historic tax and economic event occurred this week in Mauritius when during a working session, following deliberations by the First Joint Commission for cooperation between Mauritius & Kenya, six important agreements were signed. These included: A new Double Taxation Agreement “(DTA)”; An Investment Promotion and Protection Agreement; A Memorandum of Understanding
New Tax Treaty between Mauritius & Kenya! Read More »
The High Court of Kenya on 15 March 2019 rendered a judgement on the validity of the Mauritius-Kenya Double Taxation Agreement (the “DTA”) further to a case by the Tax Justice Network Africa (“the Petitioner”), a Non-Governmental Organisation, against the Cabinet Secretary for National Treasury and Planning, the Kenya Revenue Authority and the Attorney general
Mauritius-Kenya Double Tax Agreement Read More »
Regulatory update regarding the use of Mauritius resident corporations by non-citizens: The FSC has issued the Financial Services (Global Business Corporations) Rules (the “Rules”) to determine which types of resident corporations will not be required to apply for a Global Business Licence. As it will be recalled, the Finance (Miscellaneous Provisions) Act 2018 amended the
Global Business Corporations Rules Read More »
