18 July 2018

Mauritius: Financial Services - Minister Sesunkgur Sheds Light On Mutual Evaluation Report

press release

Government is taking a series of measures and actions to reform our financial services sector. The blueprint contains a number of policies and proposals which will further develop this sector and certainly take it to new heights in the coming years.

The Minister of Financial Services and Good Governance, Mr D. Sesungkur, made this statement yesterday at the National Assembly in relation to the Mutual Evaluation Exercise which is currently being undertaken by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) on systems and procedures in place in Mauritius to combat money laundering and the financing of terrorism.

With regard to the Mutual Evaluation Report, Minister Sesungkur highlighted that Mauritius has never requested for the rejection of the Report, but only that it be not adopted in its present form and be discussed at the forthcoming meetings of the ESAAMLG Task Force and Council of Ministers to be held in Seychelles in September.

The draft report, he underlined, is still confidential and its final version will be made available in the public domain after its adoption by the Council of Ministers in its meeting in September.

Furthermore, the Minister pointed out that over the years Mauritius has built a solid reputation as a sound International Financial Centre, supported by several international indices. He underscored that in 2018 Moody reaffirmed Government's Baa1 long-term issuer and senior unsecured ratings.

Minister Sesungkur also emphasised that in 2016, Mauritius was ranked first out of 54 African countries in the Mo Ibrahim Index of African Governance. The country also emerged 45th in the Global Competitiveness Index 2017-2018 and was placed 25th out of 190 countries for ease of doing business by the World Bank's Doing Business 2018 Report, he added.

Moreover, he stressed that as per the findings of the Organisation for Economic Co-operation and Development's Global Forum on Transparency and Exchange of Information for Tax Purposes, Mauritius has received an overall compliant rating and it has also been a signatory of the Foreign Account Tax Compliance Act and the Common Reporting Standard.

As per the Census on Foreign Liabilities and Assets of Indian Direct Investment Companies 2016-17 of the Reserve Bank of India, he underlined, Mauritius was the largest source of Foreign Direct Investment in India.

Eastern and Southern Africa Anti-Money Laundering Group

The ESAAMLG is a group of eighteen countries from the Eastern and Southern Africa, including Mauritius, which was set up in 1999 to combat money laundering in the region.

By joining this group, the member countries agreed to participate in an ongoing programme of Mutual Evaluation which is done in accordance with Mutual Evaluation Procedures approved and reviewed from time to time by the ESAAMLG Council of Ministers.

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