The Economic Development Board (EDB) has acceded to the Membership of the World Alliance of International Financial Centres (WAIFC) in July 2019 in virtue of which the visibility of Mauritius as an International Financial Centre (IFC) is being enhanced.
The WAIFC, consisting of 13 members, works towards the enforcement of relations across IFCs to promote exchanges of best practices and business opportunities which are key to the sustainable economic growth of the IFCs. With this Membership, Mauritius now supports the global economy, as quoted by the CEO of the EDB, “…as a robust, sophisticated, and well-regulated platform, in driving prosperity in developing and emerging countries…”
This engages the IFC in setting up adequate infrastructure for investors and businesses to thrive. One of the key projects driven by the WAIFC is FinTech Empowerment which is shared by the Mauritian IFC.
Along the same thread, the EDB clarified the allegations made via articles published on Mauritius by the International Consortium of Investigative Journalists (ICIJ) on the 23rd of July 2019, in the so-called “Mauritius Leaks”. The EDB jointly with the Ministry of Finance and Economic Development, Ministry of Financial Services and Good Governance and the Financial Services Commission issued a Communiqué in this respect clarifying that “offshore companies and trusts have legitimate uses” and a criminal investigation had been initiated to tackle the illegal intrusion and breach of the IT systems of the relevant service provider whose information had been tampered maliciously.