National Budget 2021/2022 - Financial Sector
To be removed from the FATF grey list and strengthen the reputation of Mauritius as an International Financial Centre, the Government of Mauritius is proposing certain amendments in some of our legislation.
The principal measures are:
- the AML/CFT Core Group is being given legal force under the FIAMLA.
- The Financial Crime Commission will be established for a more effective management in the fight against financial crime.
- New Bank of Mauritius (BOM) Bill and Banking Bill will be introduced reflecting best international practices.
The Government of Mauritius has also introduced some new products and incentives to sustain the development of the Financial Sector.
The Key measures are:
- The Introduction of a Securitisation Bill
- The tax holiday for Family Offices as well as Fund and Asset Managers will be extended from 5 to 10 years.
- The threshold of USD 100 million in respect of asset base being managed by Assets/Fund manager will be reduced to USD 50 million
- Protected Cell Companies Act will be amended to extend the use of PCC structure to domestic companies and to include other activities as may be prescribed
- The introduction of a new Securities Bill
- A new legislation for virtual assets will be enacted
- The Bank of Mauritius will roll-out a Central Bank Digital Currency – The Digital Rupee - on a pilot basis
- The Bank of Mauritius will introduce a dedicated QR Code at national level to facilitate digital payments
- The Bank of Mauritius guidelines allowing the setting up of regional offices by international banks will be revamped in line with latest international trend
- The Bank of Mauritius and the Financial Services Commission will set up respectively an Open-Lab for banking and payment Solutions and a FinTech Innovation Lab to encourage an entrepreneurship culture
- The Stock Exchange of Mauritius will introduce rules for the setting up of Special Purpose Acquisition Companies