MAURITIUS: Mauritius Regulator Denies Offshore Fund Link, Rejects Hindenburg’s ‘Tax Haven’ Claim

The Financial Services Commission of Mauritius said on Tuesday that the offshore fund involved in the conflict of interest allegations made by Hindenburg Research is not based in Mauritius. The FSC emphasised that it does not allow the creation of shell companies.

The FSC acknowledged the report by Hindenburg Research, published on 10 August 2024, which referred to ‘Mauritius-based shell entities’ and described Mauritius as a ‘tax haven’, according to its statement.

The FSC—which regulates the non-bank financial services sector and global business—further clarified that “IPE Plus Fund” and “IPE Plus Fund 1,” mentioned in the report, are not registered with the FSC and are not domiciled in Mauritius. It also denied any connection between the fund and Mauritius.

The regulator also highlighted that Mauritius has a strict regulatory framework for global business companies, and that the companies must meet ongoing substance requirements under section 71 of the Financial Services Act, which the FSC rigorously monitors.

The FSC also said that Mauritius adheres to international best practices and has been rated as compliant with the standards of the Organisation for Economic Co-operation and Development.

According to a peer review by the OECD Forum on Harmful Tax Practices, the OECD confirmed that Mauritius has no harmful tax features, recognising it as a well-regulated, transparent, and compliant jurisdiction. Therefore, Mauritius cannot be labelled a tax haven, the FSC said.

21 February 2024

HONG KONG: Hong Kong Triumphs in Tax Cooperation, Removed from EU Watchlist

In a major development, the EU has removed Hong Kong from its tax cooperation watchlist due to its new Foreign-sourced Income Exemption regime. This strategic shift in tax policy showcases Hong Kong’s

Read More
19 April 2024

UK: Regulators set sights on hedge funds after UK pension crisis

Britain’s markets watchdog is working with overseas regulators to look at other stresses in the global financial system, such as leveraged hedge funds, its chief executive said on Wednesday, following

Read More
25 October 2024

US: SEC Chairman Addresses AI and Cryptocurrency Regulation Challenges

Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), recently highlighted the challenges of regulating artificial intelligence (AI) and cryptocurrencies in the financial sector.

Read More
20 January 2024

INTERNATIONAL TAX: UN Asks OECD To Study Human Rights Impact Of Tax Plans

Experts from the United Nations asked the OECD in a letter to study how its plans for a global minimum tax and a reallocation of large companies’ tax payments could impact human rights, claiming

Read More