Environment Minister Rajesh Bhagwan provided a clear picture of the global economy, emphasizing that "international trade reached USD 33,000 billion in 2024, representing 60% of global GDP." In this context, financial services occupy a prominent place, he says.
Rajesh Bhagwan warned against the excesses linked to the massive circulation of capital, affirming that "this vast movement of capital across the world carries risks" and that "fraudsters are numerous when controls are insufficient". He particularly singled out the offshore sector, declaring that “offshore, with its shell companies and complex arrangements, has become a favorite breeding ground for white-collar criminals.”
In this perspective, the speaker did not fail to mention the episodes which tarnished the image of Mauritius on the international scene, recalling that the country “had become a hub and found itself mired in scandals”. To this end, he cited the Panama Papers, the Pandora Papers, as well as the Mauritius Leaks and other Paradise Papers, which contributed to tarnishing the country's reputation and exposing it to international sanctions.
Faced with these challenges, the Minister of the Environment defended the Anti-Money Laundering, Combatting the Financing of Terrorism and Countering Proliferation Financing Bill, specifying that it is a text “which will allow Mauritius to comply with the latest series of international standards established by the FATF”. The objective, he said, is to avoid a new registration on the “grey list” by strengthening the national legal framework.
He also insisted on the imperatives of compliance, stressing that "although the Republic of Mauritius has until 2027 to comply with the 40 recommendations formulated by the FATF, our country is the subject of close monitoring" and that, in fact, "we have the duty to demonstrate annual progress.” He also warned of the consequences of a possible breach, citing “significant and lasting economic, financial and reputational consequences for Mauritius”. On the environmental front, the bill introduces significant modifications to the Environment Act 2024, particularly in terms of environmental protection fees. The minister specified that "initially, new provisions will be introduced in order to sanction those who deliberately evade payment of the environmental protection fee."
He detailed these measures by highlighting "the criminalization of the submission of false statements and erroneous information" as well as "the imposition of significant sanctions against those who mislead or attempt to mislead the Director General of the
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