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Mauritius
Legislation
Strong, innovative new legislation has been passed to further
consolidate the regulatory and supervisory aspects of the Financial
Services Sector.
The Legislation now regulating the Financial Services Sector
includes:
1. The Financial Services Act 2007
The Financial Services Act consolidates the existing regulatory
framework for financial services, namely the FSC. The Act also
eliminates the dichotomy between onshore and offshore i.e.
‘ring-fencing’ which has become a characteristic of many financial
centers with activities similar to Mauritius.
A Complete copy of the Act can be found at
http://www.fscmauritius.org
2. The Companies Act 2001
The Act provides for a more effective, efficient and responsive,
user and investor friendly legislative framework. It also aligns the
legal provisions governing domestic companies with those companies
renamed Category 1 and GBC2 Companies respectively. The provisions
of the Act incorporate international best practices and promote
accountability, openness and fair dealing.
A Complete copy of the Act can be found at
http://www.fscmauritius.org
3. The Income Tax Act 1995
This Act governs all income tax issues for local and Global Business
Companies. The legislator have strived to make the Act as user
friendly as possible without detracting from its thoroughness and
therefore won acclaim for its efficiency.
A Complete copy of the Act can be found at
http://www.fscmauritius.org
4. The Trust Act 2001
This Act has effectively borrowed the most modern trust concepts
from international law in order to ensure that Mauritius has world
class Trust legislation. The Trusts set up under this Act hold
enormous potential for increasing use in varying fields such as tax
planning, private banking, asset management, high net worth family
settlements, collective investment schemes and other areas of
business practices.
A Complete copy of the Act can be found at
http://www.fscmauritius.org
5. The Protected Cell Companies Act 1999
This Act was passed to facilitate the development of the Offshore
Investment Fund and Captive Insurance Industries. The concept,
originally developed in Guernsey, allows a corporation to segregate
its Share Capital thereby ensuring that the liabilities of one cell
does not have an effect on the assets of adjoining cells. When used
in conjunction with our tax treaty network Mauritius provides the
ideal structure and location for a Fund, Captive or Rent-a-Captive
business.
A Complete copy of the Act can be found at
http://www.fscmauritius.org
6. The Financial Intelligence and Anti-Money Laundering Act
2002
The Act restates the provisions relating to money laundering and
provides for the establishment of a Financial Intelligence Unit and
Review Committee to review the activities of the Unit. The Act
provides in particular, for the reporting of suspicious transactions
by, interalia, banks, financial institutions, cash dealers and
members of relevant professions or occupations to the FIU, the
exchange and provision of information in relation to money
laundering; mutual assistance with overseas bodies in relation to
the investigation of and prosecution of money laundering and the
reporting responsibilities of practitioners.
A Complete copy of the Act can be found at
http://www.fscmauritius.org
7. The Prevention of Corruption Act 2002
The objects of this Act are to strengthen the laws on corruption and
fraud by introducing be corruption offences with severe penalties;
the creation of the Independent Commission Against Corruption (ICAC)
which has powers to:
·
Detect and investigate corruption offences
·
Investigate money laundering offences
·
Improve public awareness of corruption and money laundering and
·
Finally provide mutual assistance in relation to corruption and
money laundering
A Complete
copy of the Act can be found at
http://www.fscmauritius.org
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