The Supplementary Appropriation 2018-2019 Bill: Money down the drain !

This Bill provides for supplementary appropriation of a sum of Rs1.4 mn for the Ministry of Financial Services and Good Governance for the year 2018-19.

Supplementary appropriation for a Ministry that has failed in ensuring policy effectiveness in combating money laundering and the financing of terrorism !!!!

It was this Ministry and MOFED’s abject failure to act effectively to fully implement the recommendations of the July 2018 Esaamlag Report that has led to the inevitable greylisting of Mauritius by the FATF, i.e., the Financial Action Task Force, in February 2020, followed by the inclusion of Mauritius in May 2020 on the EU money laundering blacklist of high-risk jurisdictions with strategic deficiencies.

This EU blacklisting, as we know, is causing irreparable harm to the reputation of Mauritius as a fast-developing financial centre, which had until now never ever appeared on any blacklist with regard to the provision of global financial services.

We are worried about the future of our financial center. We are being closely monitored !!!

Will ICAC’s absolute lack of effectiveness and credibility not play against us ?

How will FATF and EU assess ICAC's- the country’s prime law enforcement body for money laundering- failure to conclude an investigation relating to a high-profile financial scandal involving the Prime Minister of the country on money laundering issues in Mauritius and also extending to the U.K ?

Please note that in 2002, the laws of Mauritius prohibited cash payments of more than Rs 350,000. Despite that, PJ is alleged to have breached those laws on 3 different occasions, for a land purchase located at Angus Road.

7Prakash Neerohoo, Rashmee Daby and 5 others

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