15 July 2019

McKinsey: Asia's future is now

For years, Western observers have talked about Asia’s massive future potential. But the future arrived even faster than expected. The question is no longer how quickly Asia will rise; it is how Asia will lead.


The continent is on track to top 50 percent of global GDP by 2040 and drive 40 percent of the world’s consumption, representing a real shift in the world’s centre of gravity.

12 July 2019

UK Economic crime plan 2019 to 2022

The economic crime plan sets out 7 priority areas that were agreed in January 2019 by the Economic Crime Strategic Board, the ministerial level public-private board charged with setting the UK’s strategic priorities for combatting economic crime:
  • develop a better understanding of the threat posed by economic crime and our performance in combatting economic crime
  • pursue better sharing and usage of information to combat economic crime within and between the public and private sectors across all participants
  • ensure the powers, procedures and tools of law enforcement, the justice system and the private sector are as effective as possible
  • strengthen the capabilities of law enforcement, the justice system and private sector to detect, deter and disrupt economic crime
  • build greater resilience to economic crime by enhancing the management of economic crime risk in the private sector and the risk-based approach to supervision
  • improve our systems for transparency of ownership of legal entities and legal arrangements
  • deliver an ambitious international strategy to enhance security, prosperity and the UK’s global influence

11 July 2019

Transparency International: Is Mauritius at a tipping point in the fight against corruption?

According to the latest Global Corruption Barometer — Africa, very few Mauritians who accessed public services, like health care and education, had to pay a bribe for those services. However, given recent scandals and issues with corruption, impunity and nepotism, Mauritians still see institutions and groups like parliamentarians, the police and the prime minister as corrupt. Additionally, about 60 per cent of Mauritians think that corruption is on the rise and that the government is doing a bad job at tackling it.

10 July 2019

Transparency International: Global Corruption Barometer - Africa 2019

Global Corruption Barometer – Africa, is the largest, most detailed survey of citizen views on corruption and experiences of bribery in Africa. 

Released on African Anti-Corruption Day, the report includes recommendations on how the international community can reduce the negative impact of corruption in Africa, particularly on the poorest and youngest members of society who are disproportionately affected.

Global Corruption Barometer – Africa captures people’s experiences and perceptions of corruption in 35 countries and territories. Transparency International partnered with Afrobarometer, who spoke to 47,000 citizens between September 2016 and September 2018 about their perceptions of corruption and their direct experiences of bribery.  

The countries surveyed are: Benin, Botswana, Burkina Faso, Cameroon, Cape Verde, Cote d'Ivoire, DRC, Eswatini, Gabon, Gambia, Ghana, Guinea, Kenya, Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, Sudan, Tanzania, Togo, Tunisia, Uganda, Zambia and Zimbabwe.

The survey includes questions on how citizens perceive corruption in government and public institutions and whether citizens pay bribes for essential services, like water, electricity and education.  

The new survey follows the previous edition of the Global Corruption Barometer for Africa, last published in 2015.

04 July 2019

Quantum Global Group Announces Closure of Investigation by the Swiss Attorney General

The Swiss Attorney General’s Office has closed all investigations into the events surrounding Jean-Claude Bastos and the Quantum Global Group as of 27 June 2019. With the termination of all investigations, Jean-Claude Bastos has taken a further step towards his complete rehabilitation against the false and unsubstantiated allegations made against him and the Quantum Global Group.

The termination of the investigation against unknown offenders follows the release of Mr. Bastos from custody in Angola at the end of March, after the Angolan authorities dropped all charges against him and confirmed that no charges would be brought against him or his related companies. The Attorney General of Angola also confirmed this in writing to the authorities in Mauritius and the Office of the Attorney General of Switzerland in Bern.

The Attorney General’s order to cease the investigation follows the conclusion of various legal proceedings in Switzerland and before the High Court in England, all resulting in favour of the Quantum Global Group and its founder, Jean-Claude Bastos. In these proceedings the English High Court clarified that the activities of Quantum Global Group and Mr. Bastos were executed in accordance with commercially valid and legally binding contracts.

27 June 2019

FATF report to G20 Leaders' Summit

The FATF published its report to the G20 Leaders' Summit, which will take place in Osaka, Japan on 28-29 June 2019. The report sets out FATF's ongoing work to fight money laundering and terrorist financing in the following areas: 

  • Strengthening the institutional basis, governance and capacity of FATF
  • FATF’s Work Programme on Virtual Assets
  • Countering the Financing of Terrorism
  • Countering the Financing of Proliferation of Weapons of Mass Destruction
  • Improving Transparency and the Availability of Beneficial Ownership Information
  • Financial Technologies, Regulatory Technologies: Digital Identity
  • De-risking by Banks

The report provides an overview of the FATF’s recent and future work in these areas.

26 June 2019

FATF: Risk-based Approach for Trust and Company Service Providers (TCSPs)

Trust and company service providers (TCSPs) are involved in a wide range of services and activities for their clients. These services include: acting as a director or secretary of a company or similar position, providing a registered office or business address for a company, acting as trustees of an express trusts, among others. Not all of the persons and professionals active in this sector provide the same services.

Depending on the country in which they operate, TCSPs can also take different forms, from individual firms to subsidiaries of large financial institutions. Criminals may seek TCSP services to help them retain control of proceeds of their crimes, while disguising the origin and ownership of these assets. Through the creation of shell companies or trusts, they can conceal their ownership and create a veneer of legitimacy.

This guidance highlights the need for a sound assessment of the ML/TF risks that trust and company service providers face so that the policies, procedures and initial and ongoing client due diligence measures can mitigate these risks. This risk-based approach is central to the effective implementation of the FATF Recommendations to fight money laundering and terrorist financing.

This guidance is aimed at TCSP practitioners, countries and their competent authorities, including supervisors of TCSPs, as well as practitioners that have TCSPs as customers. The guidance aims to support TCSPs in the design of effective measure to manage their ML/TF risks, when establishing or maintaining business relationships. In particular, it explains the obligation for TCSPs to identify and verify beneficial ownership information and provides examples of simplified, standard and enhanced CDD measures. 

The guidance contains a section for supervisors of TCSPs. It explains the risk-based approach to supervision, as well as the supervision of the risk-based approach. The guidance highlights the importance of supervision of beneficial ownership requirements in relation to a trust or other legal arrangement so that such information is maintained and available in a timely manner.  The FATF developed this non-binding guidance with significant input from the TCSP sector, including through a public consultation in March 2019, to ensure that it reflects their practical expertise and good practices. It replaces the version of 2008 and brings it in line with the current FATF Recommendations.

24 June 2019

23 June 2019

Raconteur: Future of Tax and Accounting 2019

Amid Brexit uncertainty and with Making Tax Digital (MTD) on the horizon, large enterprises face an unclear future when it comes to tax. The Future of Tax and Accounting special report explores the implications of MTD, the countries leading the way on digital tax, and the issues that an undefined Brexit date presents for tax departments. It asks whether the ‘arm’s length standard’ is still fit for purpose in a digital economy, covers the move for companies to become responsible taxpayers in the face of the reputational backlashes faced by organisations in recent years, and asks whether accounting automation can live up to the hype

13 June 2019

Raconteur: Future Cities 2019

What does the city of the future look like? From Porto to Stockholm, New York to London, the Future Cities special report, explores the possibilities, from net-zero carbon buildings to offices which can actually boost productivity and increase engagement. It covers the need for public and private companies to work together in smart city development and how city data is transforming the way we live. Also featured is an infographic looking at the ways urban demographics are changing, and the problems this dramatic shift might cause.

03 June 2019

Mauritius: FSC communicates indicative timelines for the processing of applications for funds and advisory services

As a forward-looking regulator, the FSC recognises that the continued success and growth of the funds industry increasingly relies on its ability to adapt and realise synergies. As the jurisdiction continues to position itself as a centre for funds services and wealth management, internal processes are being enhanced to ensure efficiency and timeliness in the processing of applications to deliver on high quality services.

According to Mr Harvesh Seegolam, the Chief Executive of the FSC, “Mauritius is an important financial centre for funds services in the region. As regulator, we have the crucial task of ensuring a sound and robust regulatory approach whilst delivering in line with market expectations and realities. It is in this very spirit that we are adopting a pragmatic stance to ensure more efficiency in the way in which we assess applications. The introduction of the indicative processing times for CIS/CEF, CIS Manager, Investment Dealers and Investment Advisers will further comfort global investors in planning their strategies. I would also remind Management Companies that they have a pivotal role to play in ensuring a timely turnaround by the FSC and maintain the good repute of Mauritius”.

The FSC will henceforth, on a best endeavours basis, process applications for CIS/CEF*, CIS Manager, Investment Dealers and Investment Advisers within 60 working days of receipt of an application, subject to the following:
  • Licensing applications must be complete and accompanied by detailed information about the business, such as, but not limited to, all relevant forms, business plan, constitutive documents, offer documents, procedure manuals, agreements and payment of fees, as applicable. Where required, these documents should be properly certified as true copies, dated, signed, aligned and reflective of the application;
* Professional and Expert Funds

01 June 2019

Raconteur: Future of Banking 2019

Trust now outranks price as an influencer for customers’ choice of bank, but will this give traditional banks the edge, or are the scales tipping towards newer, more transparent challengers. The Future of Banking special report explores what can be learnt from these digitally-savvy challengers and whether traditional banks and fintechs will ever be able to work together. It covers how edge computing can transform the banking customer experience, examines the huge changes going on in capital markets and asks why banks still aren’t making the most of their data.

29 May 2019

TJN: UAE and Mauritius are the most Corrosive Corporate Tax Havens against African Countries

The Corporate Tax Haven Index (CTHI) by Tax Justice Network launched yesterday shows how the United Arab Emirates (UAE) and Mauritius are among the most corrosive corporate tax havens against African countries.

KPMG ConsumerCurrents Issue 25

Pernod Ricard: Pernod Ricard Chairman and CEO Alexandre Ricard on being obsessed about customers
Platform businesses: How platform models across the globe are transforming the way we shop
Sin taxes: Public health concerns are encouraging growth in taxes on our ‘vices’. But do these levies actually change behavior?
Product launches: Why innovation should be a predictable process
Case study: Will a new hotel in Detroit help upscale goods company Shinola offer consumers a complete brand experience?
Counterfeit products: How to combat the global scourge of fake food
Lessons from other industries: What the video game industry can teach you about user experience

24 May 2019

ESAAMLG: FUR MAURITIUS- APRIL 2019.

This report sets out Mauritius' progress in strengthening anti-money laundering and counter terrorist financing measures since their 2018 assessment. Since its 2018 mutual evaluation, Mauritius has made progress in addressing deficiencies; the ESAAMLG has re-rated the country on 11 of the 40 Recommendations.

22 May 2019

Bombay High Court adds to Uncertainty Surrounding Mauritius Treaty Benefits

A recent Bombay High Court ruling unsettles the widely accepted position that the existence of a valid Tax Residency Certificate would be sufficient for a Mauritius based seller to claim treaty benefits for capital gains arising from the sale of investments acquired on or before 31 March 2017.