Marc Hein says some changes in regulations recently introduced are far-reaching and Mauritius waits to see how they work in practice. Mauritius remains committed to prevent round-tripping—a form of money-laundering—and ensure that only companies meeting a certain amount of commercial “substance” are able to benefit from the double taxation avoidance agreement (DTAA) between India and […]

To further ring-fence its jurisdiction from any attempts of round-tripping and money laundering activities, Mauritius has agreed to include a ‘limitation of benefits (LOB)’ clause in its revised tax treaty with India. While specific details of this clause in the India-Mauritius tax treaty are being ironed out, LoB clauses are typically aimed at preventing ‘treaty […]

The new requirements for getting TRC in Mauritius need to be handled carefully. In the early ‘90s, with the opening up of the Indian economy for foreign investment, the island nation of Mauritius benefitted massively as it became the hub for directing foreign investment into India. Not surprisingly, the Indian revenue authorities have, over the […]

The Financial Services Commission (FSC) held a Presentation on The Criminal Vulnerabilities of International Financial Centres at the FSC House on 21st of November. The Presentation was conducted by Mr Stephen Platt of Stephen Platt & Associates LLP. Mr Platt is one of the world’s most experienced practitioners in the conduct of regulatory investigations, and […]

This is the speech of Ms Clairette Ah-Hen, Chief Executive of the Financial Services Commission at the presentation by Mr Stephen Platt on The Criminal Vulnerabilities of International Financial Centres. It was delivered on 21st November 2013. Those also present were: Mr Marc Hein, Chairperson of FSC Mr Dev Bikoo, Director FIU Mr Stephen Platt […]

The island nation is in process of implementing several of Indian regulations to fight financial crime.  Mauritius plans to provide more teeth to its financial market regulator and is also setting up a serious fraud office to combat financial frauds, apparently taking a leaf out of the Indian regulatory framework. The island nation, with a […]

Former worker seeks damages from GBOT, says trades violated Mauritius’s money laundering laws –  A former employee of Global Board of Trade Ltd (GBOT), Mauritius, promoted by embattled Financial Technologies (India) Ltd (FTIL), has alleged in a case filed with the Mauritius Supreme Court that 85% of the trades conducted at the exchange were fictitious […]

Emphasising that India-focussed overseas funds are subjected to stringent checks in Mauritius, financial services regulator here said it has stepped up enforcement of norms to prevent any round tripping of funds through the island nation. There are provisions to cancel the licence of entities if they are found to be indulging in round-tripping or money […]