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Banking
The Mauritian banking sector is one of the most developed in Africa. Mauritius has achieved an outstanding position in the international market as a financial intermediary. As at June 2001, offshore banking comprised 12 offshore banks and total assets stood at $3.8 billion, while non-bank deposits were $1.6 billion. Onshore banking comprised 10 commercial banks with the Mauritius Commercial Bank and the State Bank of Mauritius holding about 70 per cent of banking assets.
The non-banking financial sector is also taking off quickly. On the whole, the financial and business services account for 18 per cent of total value added. Financial management has followed the pace of development of the entire sector. The offshore sector was strengthened in December 2001 with the introduction of the Financial Services Development Act which encompasses the regulation and supervision of the non-bank financial sector. Furthermore, the Economic Crime and Anti-Money Laundering Act led to the establishment of the Economic and Crime Office.
Mauritius was also among the first countries to comply with the OECD request to commit to the elimination of harmful tax practices by the end of 2005.
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