Month: October 2018

Government has, in its 2015-2019 Programme pledged to come up with a new Declaration of Assets Act and action has already been initiated for the implementation of this measure.

This reply was given by the Prime Minister Mr Pravind Kumar Jugnauth, at the National Assembly yesterday, to a Parliamentary Question regarding the expected date for the introduction of the new Declaration of Assets Bill.

He highlighted that a Committee of Officials under the chair of the Secretary to Cabinet and Head of the Civil Service has examined numerous issues pertaining to a new declaration of assets regime.

Accordingly, he underlined, a Ministerial Committee under the chair of the Deputy Prime Minister and Minister of Energy and Public Utilities was set up to look into the proposals made by the Committee of Officials.  Prime Minister Jugnauth further emphasised that the Ministerial Committee met on several occasions and thoroughly examined the core fundamental aspects of the proposed new Declaration of Assets regime.

Moreover, he underscored that the Ministerial Committee has completed its assignment and submitted its report. He also underlined that the proposals made by the Committee are currently being examined, while adding that the subject of Declaration of Assets has many complex issues, which require due care and caution.

 

Mauritius is set to host, from 28 to 30 November 2018, the World Artificial Intelligence (AI) Show and World Blockchain Summit.  The aim is to identify opportunities for the deployment of AI in the various key sectors of the country’s economy.  The AI Show will also feature humanoid robot, Sophia, developed by Hong Kong-based Company Hanson Robotics, and, named the United Nations Development Programme’s first ever non-human Innovation Champion. The three-day event is being organised by the Ministry of Technology, Communication and Innovation, in collaboration with the EDB and Trescon Global.

 

Mauritius World AI Show and World Blockchain Summit

The Mauritius AI Show and the Summit have as objectives to: transform the country into an attractive destination for key players in AI and Blockchain; and, assist Government on mapping the economic impacts of AI technologies and to attract investors in the field of AI and Blockchain.

More than 400 local, regional, international delegates and project stakeholders are expected to attend the event to be held at Intercontinental Resort, Balaclava.  Around 35 AI and Blockchain experts from USA, France, UK, Estonia, and India, amongst others, will be present.  Several investors and exhibitors will participate with the aim to initiate collaborative ties.

This initiative will also support Mauritius’ vision to enable governments, enterprises and industries to implement the latest innovations that shape the AI and Blockchain roadmap in the following sectors: Digital Public Services, Transportation, Supply Chain, Emergency Management, Healthcare, FinTech Services, Smart Cities, Smart Education, and Industrial IoT and Manufacturing.

World AI Show is a thought-leadership-driven, business-focused, global series of events taking place in strategic locations across the world.  The show is part of a world tour that is taking place in Amsterdam, Mumbai, Mauritius, Nairobi, Dubai and Singapore.  It connects top AI experts, enterprises, government representatives, data scientists, technology leaders, startups, investors, researchers, academicians, and global AI innovators – all under one roof.

World Blockchain Summit connects global blockchain experts and technology players in this space including emerging startups – with regional businesses, governments, IT leaders, investors and blockchain developers from across the world.

 

1. The Consumer Price Index, which stood at 102.8 in June 2018, registered a net decrease of 0.8 point (or -0.8%) to reach 102.0 in September 2018. The main contributors to the net decrease of 0.8 point in the CPI from June to September 2018 were:

(a)  vegetables (-0.8 point), traders’ rice (-0.1 point), cooking gas (-0.1 point), gasoline (-0.1 point) and air tickets (-0.1 point);

partly offset by

(b)  interest rates on housing loan, meat, prepared foods and some other goods and services, which each accounted for +0.1 point.

2.    The headline inflation rate for the twelve months ending September 2018 works out to 3.5% compared to 3.2% for the twelve months ending September 2017.

3.    The headline inflation rate excluding ‘Alcoholic beverages and tobacco’ for the twelve months ending September 2018 works out to 3.1% compared to 2.0% for the twelve months ending September 2017.

4.    On the basis of trends in previous years and recent price changes, the headline inflation rate for calendar year 2018 is forecasted at around 3.3%.

 

“Banks need to move more towards customers with new products and services by making use of new technologies”, the Mauritius Bankers Association said. MBA’s new strategy to meet the new requirements of the banking and financial markets. According to the MBA, Mauritians are too conservative towards the banking sector because of their daily use of services. Commercial banks must go to the customers.

 

The Local Government (Amendment) Act 2018 will be proclaimed shortly.

The Local Government (Amendment) Act 2018 makes provision for the harmonisation and strengthening of legal provisions pertaining to illegal constructions and development; and giving more powers to local authorities. It also provides for the increase of penalties for illegal constructions and development; and mandatory pulling down orders by District Courts for illegal constructions and development.

 

81% of the deaths in Mauritius are due to noncommunicable diseases, NCDs. Diseases that account for 85% of the burden in the public health system. The first assessment of the achievements and challenges of the health system for the control of non-communicable diseases was presented to the various stakeholders. This document benefited from technical and financial assistance from WHO and the EU respectively. The health system evaluation guide developed by WHO has been adapted to the Mauritian context. It will help develop the strategic plan of the health sector and the elaboration of a national action plan for NCDs.

The Bank of Mauritius (BOM) is committed to consolidate the Anti Money Laundering (AML)/Combating Financing of Terrorism (CFT) framework. It will continue to implement all the recommendations of the Eastern and Southern Africa Anti-Money Laundering Group (‘ESAAMLG’) as listed down in its 2nd Round Mutual Evaluation Report for Mauritius on its assessment of the country’s level of compliance with the FATF forty recommendations and the level of effectiveness of its AML/CFT system.
In a communiqué published on 2 October 2018, BOM states that significant improvements have been made to its AML/ CFT regulatory and supervisory framework. In a bid to address the recommendations made in the report, a remediation process has been launched through the deployment of an elaborate action plan. Measures already initiated include the implementation since January 2018 of a World Bank assisted AML/CFT supervisory framework; and the setting up a dedicated arm for AML/CFT supervision of financial institutions. The AML/CFT off-site monitoring supervisory toolkit has been enhanced through a revision of its reporting requirements.

Furthermore, technical deficiencies in the legislation have been addressed to a large extent through a number of amendments brought to the Bank of Mauritius Act, Banking Act and Financial Intelligence and Anti-Money Laundering Act in the Finance (Miscellaneous Provisions) Act 2018, says the communiqué.

The report noted that the BOM, as the regulator of the banking sector, has issued Guidance Notes on Combating Money Laundering and the Financing of Terrorism (Guidance Notes) for its licensees. There is a high degree of consistency of the Bank’s Guidance Notes with the FATF Standards in respect of adoption of Customer Due Dilligence (CDD) measures, which has promoted understanding and application of the CDD obligations by the financial institutions. This was enhanced by the engagement of the Bank with its regulated entities in various fora. The technical deficiency regarding the Guidance Notes highlighted in the report has also already been addressed in the Finance (Miscellaneous Provisions) Act 2018.
BOM will continue to collaborate with the Financial Intelligence Unit, the Financial Services Commission, the Mauritius Revenue Authority, and the Independent Commission Against Corruption, both at the national and international levels, to support measures to address the money laundering and terrorism financing risks in the financial sector.