White attention to particular set of activities which fell

White
collar crimes have been in the news for quite a long time in Mauritius. But in
the past years, recently in 2015 and 2016, there has been an abrupt increase of
media attention to particular set of activities which fell in the category of
‘white collar crimes’. However, this media focus has only been for the public,
as it was a stated fact that the policy makers and the regulatory authorities
has been dealing with this issue for many years now. Mauritius has, for the
past ten years, trying to establish itself as a jurisdiction of choice and a
strong international finance center in the Indian Ocean.

By
controlling its tactical position at the intersections of Africa, Asia and
Australia, Mauritius has gradually renovated itself into a hub and
international jurisdictions for investors in search of protection, transparent
parameters and high-value addition. Over
the years, the economy of the country has been seen a productively clever
shift from a mono-agricultural model to an innovation driven country,
diversified and knowledge-based economy with the help of technological advances,
underpinned by a broad range of business activities helping to boost the
economy as well as other sectors which is open for business.

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While
everything was put into place to attract investors to come to Mauritius, much
had to be done to protect not only the investors but the Mauritian public at
the same time. Several measures that have been taken to moderate the
probability of a shoot up in white collar crimes.

It
has all started with the official launch of Mauritius as an International
Financial Centre in 1992, 10 years later, the economy saw the passing of new
laws in which would eventually change the whole concept if the financial
services sector. The new law included the FSDA ACT 2001, the Trust Act 2001 and
FIAMLA 2002. Years later, in the 2007-2008, new regulations passed were more advanced
and effective than the previous ones and it included the Securities Act which
was passed in 2005, the Financial Services Act, precisely in 2007, the
Insolvency Act in 2009 and the International Arbitration Act in 2008.

 

 

 

As
the regulations became more reliable and effective, it created a shield of protection
to the financial services sector in Mauritius. In fact, Mauritius has also
signed many international regulatory standards, like:

·        
International Organization of Pension Supervisors

·        
The Africa Middle East Regional Committee for IOSCO

·        
The Financial Stability Board’s Regional Consultative Group for
Sub-Saharan Africa

·        
The International Organization for Security Commission

·        
International Association for Insurance Supervisors

·        
The SADC Committee for Insurance, Securities and Non-Bank
Financial Authorities

Mauritius
has also signed and is abided by other international conventions and norms
like:

·        
US – Foreign Account Tax Compliance Act
(FATCA)

·        
EU- Alternative Investment Fund Manager’s
Directive (AIFMD)

·        
OECD Multilateral Convention on Mutual
Administrative Assistance in Tax Matters

·        
Creation of Serious Fraud Office –
Coordination among all agencies to combat financial crime