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Mauritius's Deputy Prime Minister Reassures OECD,
by Lorys Charalambous, Tax-News.com, Cyprus
Wednesday, December 24, 2008
During a recent visit to Europe, Mauritius’s Deputy Prime Minister and Finance
Minister Rama Sithanen defended Mauritian businesses and Mauritius’s
position as a tenable offshore jurisdiction, and consequently urged the Organisation
for Economic Co-operation and Development not to regard Mauritius as a
‘tax haven’.
In an interview conducted with the newspaper le Mauricien, Sithanen alluded
to talks held in London, Berlin and Paris, with respective government members,
and a representative of the OECD.
Endeavouring to promote the image of Mauritius within the financial services
sector, and keen to assuage OECD concerns, Sithanen reassured those present
of the integrity of the Global Business Centre in Mauritius, emphasising that
Mauritius has an “effective exchange of information mechanism”,
demonstrating its commitment to transparency, coupled with efficient legislation,
regulated by the Financial Services Commission, and designed to combat money
laundering and terrorist activities.
The Deputy Prime Minister’s comments come in the wake of proposals by
leaders from the OECD member nations to implement a new crackdown on offshore
financial centres, aimed at tighter regulation of the global financial system.
The initiative, led by the governments of France and Germany, could lead to
the drawing up of a new ‘black list’ of offshore jurisdictions still
deemed to be 'uncooperative' or with tight banking secrecy and confidentiality
laws.
However, Mauritius has already made great strides in improving its reputation.
In the last few years it has implemented deep-seated reforms, aimed at tackling
the issue of money laundering, notably through the establishment of the Financial Services
Commission and the Financial Services Promotion Agency, the modernisation of
the Companies Act and the introduction of a new Trusts Act. It has also entered
into a considerable number of double-tax treaties, based on the OECD model treaty,
and containing exchange of information clauses.
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