Offshore: 55% of 'Management Companies' Have Violations

8 years, 10 months ago - January 28, 2013
There are gaps and deficiencies in certain sub-sectors of financial services, which should highlight to remedy.

The Financial Services Commission (FSC) is to promote the development of financial services and must preserve the image of the jurisdiction of Mauritius as a financial center clean and correct. Statement of President Marc Hein Thursday at the presentation of the key points revealed by the "on-site visits" for management companies (MCs) by the FSC.

The FSC inspections conducted in 2012 in 159 of 164 MCs operating in Mauritius. Of the 65 MCs who have been the object of reports, only 29 (45%) received reports completely "clean". In other words, 55% of MCs, the FSC has identified one or more deficiencies. "Small defects which do not justify as a suspension or revocation of license to operate," says one to the FSC.

Exercise the FSC timely preparation for the next round of negotiations with India on the treaty to avoid double-taxation. But, as explained Clairette Ah Hen, Chief Executive of the FSC, all this was already in the laws and the action plan is activated just a little bit. To demonstrate to those who still doubt that the FSC is doing its job.

Among the highlights shortcomings and deficiencies revealed by this exercise and on which the FSC crack account, we find the control and verification of sources of money and income "customer due diligence", the monitoring of client business MCs, the "filling" of the accounting records, the relationship "troubles" between MCs and audit companies, as well as the number and competence of staff to serve MCs, among other clients.

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