Someone rightly said that “true patriotism hates injustice in its own land more than anywhere else. “ and Einstein added “Nationalism(read Patriotism): An infantile disease. It is the measles of mankind.”
Are we being antipatriotic when we were blaming them for their grave irresponsibility and gross incompetence since 2015 in failing to ensure compliance to minimum FATF standards on effectiveness, which has landed us on the FATF grey list and on the EU blacklist?
Who were there at the head of the FSC ? Were they not supposed to be implementing effective and risk-based supervision, so that we could put a stop to the long list of financial scandals like those related to Sobrino and Bastos, Mauritius Leaks or Fishrot files?
The FATF had noted that the number of money laundering prosecutions and convictions were low and had recommended the strengthening of investigative capacity as a pre-requisite to effectively identify, investigate, and prosecute financial crimes.
Had we not warned Government that ICAC has even less credibility than FSC, and had proved totally ineffective in handling its anti money laundering mandate?
We had repeatedly argued in these very postings that ICAC was not adequately meeting its objectives to investigate and prosecute money laundering offences, and that there was an urgent need for a thorough review and overhaul of ICAC in order to step up the fight against financial crime? Did they listen ? Who was being anti-patriotic ?
The National Risk Assessment done by the World Bank had confirmed that there existed a high money laundering threat from drug trafficking and FATF had also pointed out that law enforcement agencies in Mauritius fail to conduct parallel investigations, i.e., investigations of both the ML offence and the drug offence.
Had we not alerted the authorities that the law enforcement agencies, notably ICAC and the Police, need to improve their ability to conduct parallel money laundering investigations, so as to better combat drug crime and trafficking? Did they listen then ? Who was anti-patriotic ?
We have always denounced the intimate relationship of Government with the gambling industry especially the doubtful roles of the cronies at the Gambling Regulatory Authority.
How could Government intend to combat money laundering effectively without a proper supervision of casinos, bookmakers and of gambling and non financial activities, as critically noted by the FATF? Zot fané, and we become “des faux patriots” because we were pointing out their “faux pas” !!!!
In our latest article titled “Why are we still on the EU black list” , we had highlighted the importance of beneficial ownership information to the EU and that FATF had demonstrated that, in practice, access to beneficial ownership information had not improved.
Didn’t we argue that those who were criticizing Mauritius as a secrecy jurisdiction were not totally wrong and we had recommended that Government show a greater commitment to facilitate access to accurate basic and beneficial ownership information.
Did they listen then ? No they did not ! The smart alecks-the FS, Payadachy, the Minister of Financial services, toadying civil servants and advisers -thought they could hoodwink the FATF by their superficial touches and amendements to the legislations .....And now these very people dare brand us as des "faux patriots" !!!
The truth is that this incompetent and irresponsible regime did not show any commitment or demonstrate more credible efforts to enhance not only our institutional set-up on anti money laundering , but also the competence and independence of persons heading our supervisory and investigative bodies to prevent us from being grey and blacklisted.
Instead of appointing politically-connected and incompetent stooges, they could have recruited locally/internationally qualified and skilled persons to lead anti money laundering efforts at the Bank of Mauritius, the FSC, the FIU and the Asset Recovery Unit !!!
Now , like scroundels, they are taking refuge behind " patriotism".
This regime keeps failing us again and again !!
After “ L’economie a genoux “, it is now the pandemic that is going out of control and in such a time of crisis, instead of a more confident and transparent government, we are witnessing a failing govt and its inability to communicate effectively with the public. They are too busy weaving their own web of lies and deceit to be bothered about preparing us for a fourth wave.
They prefer the techniques of manipulation and sycophcancy and the short term populist policies to the excruciating rigours of thinking about the challenges ahead and laying down the building blocks for our assured future …. Such thinking, preparedness and vision are the antithesis of everything they represent !!!
