Tag Archives: Mauritius

Mauritius – Paradise in the Indian Ocean

Breathtaking documentary on Mauritius – the island in the Indian Ocean that is everybody’s envy, honeymooners’ dream holiday, and that has got something for everybody.

Its situated towards the east of Madagascar and is part of the African continent, but the cultures, traditions, etc. are a mix of Indian and Creole. Many Indians came in here as sugar plantation workers and stayed back so it has a huge population of Indians with their own cultures, temples, traditions et al.

But most people come for the beaches and they are a plenty on the island, good clean beaches, with delicious Creole food, the best in hospitality. Marine life on the island is equally breathtaking so there is plenty of water sport going on here – scuba diving, ocean walk, gliding, swimming, diving, snorkeling etc.

It has got plenty of options for everybody – hiking, trekking, running, cycling, – all in all its heaven on earth.

The documentary is a pure narration form with no interviews whatsover. It does’nt dwell deep into the history or the cultures of the island. That would have been interesting.

You can watch the documentary here.

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Mauritius – FATF grey list

SEBI press release dated 25th february 2020

Inclusion of Mauritius in the FATF list of “jurisdictions under increased monitoring”

The Financial Action Task Force on February 21, 2020, has placed Mauritius in the list of “jurisdictions under increased monitoring”, commonly referred to as the “grey list” and has stated the following:

“In February 2020, Mauritius made a high-level political commitment to work with the FATF and ESAAMLG to strengthen the effectiveness of its AML/CFT regime. Since the completion of its MER in 2018, Mauritius has made progress on a number of its MER recommended actions to improve technical compliance and effectiveness, including amending the legal framework to require legal persons and legal arrangements to disclose of beneficial ownership information and improving the processes of identifying and confiscating proceeds of crimes. Mauritius will work to implement its action plan, including by: (1) demonstrating that the supervisors of its global business sector and DNFBPs implement risk-based supervision; (2) ensuring the access to accurate basic and beneficial ownership information by competent authorities in a timely manner; (3) demonstrating that LEAs have capacity to conduct money laundering investigations, including parallel financial investigations and complex cases; (4) implementing a risk based approach for supervision of its NPO sector to prevent abuse for TF purposes, and 5) demonstrating the adequate implementation of targeted financial sanctions through outreach and supervision.”

There have been apprehensions among market participants that whether inclusion of Mauritius in the ‘grey list’ would have an effect on the registration of FPIs from Mauritius.

SEBI (Foreign Portfolio Investors) Regulations, 2019 inter-alia states that an applicant is eligible to become a FPI if it is not resident in the country identified in the public statement of FATF as- i) a jurisdiction having a strategic Anti-Money Laundering or Combating the Financing of Terrorism deficiencies to which counter measures apply; or ii) a jurisdiction that has not made sufficient progress in addressing the deficiencies or has not committed to an action plan developed with the FATF to address the deficiencies. This condition was also in SEBI (Foreign Portfolio Investors) Regulations, 2014.

It is noted from FATF website that when a jurisdiction is placed under increased monitoring, it construes that the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. The FATF does not call for the application of enhanced due diligence to be applied to these jurisdictions, but encourages its members to take into account this information in their risk analysis. The intermediaries should take note of the same.

Additionally, FATF identifies jurisdictions that have significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and financing of proliferation. For all such countries, the FATF calls on all members and urges all jurisdictions to apply enhanced due diligence, and in the most serious cases, countries are called upon to apply counter-measures to protect the international financial system.  This list is often referred to as the “black list”. It is mentioned in FATF website that this was previously called “Public Statement”.

Therefore, FPIs from Mauritius continue to be eligible for FPI Registration with increased monitoring as per FATF norms.

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