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.
With an investment of $65 million, the Development Bank of Latin America and the Caribbean (CAF) together with the Development Finance Institution of Canada (FinDev Canada) and IDB Invest will promote
Press Release from Carey Olsen, Tuesday 12 March, 2024. Carey Olsen is pleased to announce that Yan-Xia Rogers has returned home to Bermuda to join the firm’s corporate team. Yan-Xia will specialise
The number of millionaires in the UK is set to fall by 17% over the next years, according to a report that shows that people are getting richer across the globe. The UK had over three million adults
The SEC argues that Coinbase’s request is overly broad, seeking nearly all documents related to crypto assets. In its court filing, the SEC stated that it has already provided Coinbase with various