On 21 February 2020, Mauritius was placed on the list of “Jurisdictions under Increased Monitoring” by the Financial Action Task Force (FATF). The FATF recognises that Mauritius has taken measures to enhance the transparency of legal persons by amending the legal framework to require legal persons to disclose beneficial ownership information and improve the processes for identifying and confiscating proceeds of crimes.
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Purpose-built luxury retirement-based communities can be developed under the Property Development Scheme (PDS). The new regulations came into force on 4 May 2019. Promoters will be allowed to construct purpose-built buildings or bring an existing building under the scheme targeting senior citizens (both Mauritians and non-citizens).
Mauritius continues to be a compliant, secure and safe business and investment destination, as highlighted by the ESAAMLG’s (Eastern and Southern Africa Anti-Money Laundering Group) latest mutual evaluation report. In the document, Mauritius is shown as being largely compliant with respect to the 40 recommendations of the Financial Action Task Force.
EDB issues five Regulatory Sandbox Licences to FinTech companies for their innovative projects
The World Bank ranked Mauritius 20th out of 190 countries in its flagship Doing Business Report 2019, published on 31st October 2018 and the country maintained its leading position in Africa (48 countries ranked). The country’s Distance to Frontier (DTF) score improved from 77.54 last year to 79.58, implying that the country has improved its business regulatory environment and is closing the gap with respect to the best economies.