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AfrAsia Bank Limited and its Group Entities
Annual Report 2015
page 142
Moreover, the Desk collaborated with internal stakeholders and
supported the implementation of selected projects and the Bank’s
products and services line-up:
January – launch of the Global Custody online platform and safe
lockers to Private Clients
March - the Bank launched the VISA prepaid card
April – the Bank carried out a revamping of the Internet Banking platform
with the objectives of offering quicker access to information, enhanced
security features and SMS alerts, broadening the operationmandates
for using the Platform, inter alia.
The Desk also contributed in refining the operational and client on
boarding processes as well as fostering effective harmonisation of
the representative offices.
In October 2014, the Bank had an addition to its already strong
existing shareholder base, namely the Toronto-listed, National Bank
of Canada. This addition has enhanced the institutional profile of the
Bank, giving more comfort to its foreign, non-resident client base.
The global landscape affecting IFCs is changing rapidly, with a
stronger focus on transparency and fair taxation system. Initiatives
like the US FATCA have already been implemented worldwide.
More than 65 countries have agreed publicly to implement the
automatic exchange of information under the Common Reporting
Standard, starting as from the year 2017 for the early adopters.
The OECD Base Erosion Profits Sharing program is also forthcoming.
Mauritius welcomes the above initiatives as the Jurisdiction has
always positioned itself as an IFC fostering transparency.
Recently, Mauritius has had 2 of its important double taxation
agreements (DTAs), namely those with South Africa and India,
renegotiated and, its name appearing on an EU blacklist. Obviously,
the future of the Island as an IFC depends a lot on certainty of the
DTAs and the comfort of international investors that they are able
to mitigate their taxation, legal and investment risks by investing
through an economically and fiscally stable jurisdiction. The Country
needs to expand its network of DTAs and Investment Promotion and
Protection Agreements, more specifically with the African countries.
The DTAs that have been signed but not yet ratified also need to
be finalized as soon as possible so as to provide a comparative
advantage. Moreover, the Country needs to decry the inclusion of
its name in the EU blacklist in order to uphold the reputation of
Mauritius as a transparent and fully compliant IFC.
Liability Analysis
The main source of introduction is through the approved
intermediaries operating in the Mauritius Global Business sector,
which include some 125+ International Management Companies
(IMCs). The activities of the Global Business sector in the Mauritius
International Financial Centre (IFC) are mainly reflected in the
evolution of the number of Global Business companies which,
as per the Financial Services Commission statistics, was as follows:
0
200
400
600
800
1000
1200
1400
1600
GBL1
GBL2
GLOBAL FUNDS
Types of Companies
Number of Companies
2013
2014
2015 ( As at Apr 15 )
1001
1259
424
1191
1366
284
70
77
47
MANAGEMENT DISCUSSION AND ANALYSIS (CONTINUED)