Day: October 21, 2021

Mauritius was initially included on the FATF grey list in February 2020 as a result of strategic deficiencies identified by the FATF in its AML/CFT regime. Since then, the Mauritian Government had made a high-level political commitment to actively work with the FATF to address the identified deficiencies following which the national AML Committee, Government officials, Regulators and other stakeholders have supported the implementation of key reforms in relation to the FATF action plan.

The FATF announced in the June 2021 plenary session that Mauritius had substantially completed its action plan and commended Mauritius’ efforts for the progress achieved despite the pandemic. This announcement already pre-empted the exit of Mauritius from the grey list subject to an on-site assessment by FATF delegates in September 2021.  This visit has been conclusive in determining that Mauritius has implemented adequate sustainable AML/CFT reforms that such efforts have been maintained during that period, and the necessary political commitment remains in place to ensure that the reforms are sustained going forward.

Mauritius continues to emerge as a resilient economy

“This is a proud moment for our country considering the economic impact suffered by Mauritius whilst on the grey list. Over the last 18 months, MIFC has demonstrated its commitment, resilience, agility and ability to work in concerted efforts, coordinating key reforms to cure strategic AML/CFT deficiencies. It is time to congratulate all stakeholders including the business community in Mauritius involved in the process.

We now seek to further pursue in promoting our IFC with a compelling value proposition and an innovative and diverse toolbox of financial products and services towards long-term sustainable growth. Our focus remains on maintaining our competitive edge against a robust legal and compliance framework providing investors with added comfort and confidence in using Mauritius as a leading hub for their investments.” Rubina Toorawa, Head of Sanne, Mauritius

As per the latest ESAAMLG plenaries, Mauritius has been re-rated upward on three recommendations of the FATF, which results in Mauritius being compliant with 39 out of 40 recommendations. With regards to Recommendation 15 (New Technologies) where Mauritius is still rated as Partially Compliant, the authorities in Mauritius have circulated a draft Virtual Assets Business Bill for consultation in view of seeking the views/comments from the financial services industry stakeholders. Mauritius will be the only country in the world to achieve full compliance to all the FATF recommendations if (and when) the Recommendation 15 is re-rated positively.

The exit of Mauritius from the FATF grey list reinforces its position as a jurisdiction of substance, offering a conducive environment for business, with robust legislations and an innovative product offering for the global   financial community.

Contact: Sanne Group plc, Matthew Morel, Director Marketing & Corporate Communications, +44 1534 722 787

Logo – https://mma.prnewswire.com/media/1475992/Sanne_Logo.jpg

Hailing the Yellow River’s importance as an ecological barrier, an economic zone and a cultural heritage site in China, Chinese President Xi Jinping has reiterated efforts to promote its ecological protection and high-quality development.

On Wednesday, President Xi inspected the estuary of the Yellow River in the city of Dongying, east China’s Shandong Province. He visited a dock at the estuary, an ecological monitoring center and a national-level nature reserve of the Yellow River Delta.

National strategy

“The protection of the Yellow River is critical to the great rejuvenation and sustainable development of the Chinese nation,” President Xi said. This explains why China has set the ecological protection and high-quality development of the Yellow River basin as a major national strategy.

Starting from Qinghai Province, the Yellow River runs through nine provinces and autonomous regions before emptying itself into the Bohai Sea in Shandong.

As an “ecological corridor,” the Yellow River, linking the Qinghai-Tibet Plateau, the Loess Plateau and plains in northern China with severe water scarcity, plays an important role in improving the ecological environment, combating desertification and providing water supply.

The 5,464-kilometer-long waterway feeds about 12 percent of China’s population, irrigates some 15 percent of the arable land, supports 14 percent of the national GDP, and supplies water to more than 60 cities.

Since the 18th Communist Party of China (CPC) National Congress, the Chinese president has visited all of the basin’s provinces and autonomous regions, sharing his concerns about China’s “Mother River.” In less than a year from August 2019 to June 2020 alone, he inspected the Yellow River basin four times.

What are the challenges?

President Xi pointed out difficulties and problems in protecting the Yellow River during his inspection tours, such as the fragile ecological environment, the severe condition of water resources preservation and the need to improve development quality.

According to Xi, the peace of the Yellow River is significant to the stability of China. Although the river has not seen major dangers for many years, Xi has repeatedly told the nation not to relax its vigilance.

The river’s natural and geological conditions have led to frequent flooding since ancient times. Over the past 2,500 years, the Yellow River has broken its dikes more than 1,500 times and made 26 major changes in its course on the lower reaches.

Still, busy industrial activities along the Yellow River once put it on the map as one of the world’s most polluted rivers about 10 years ago, which also resulted in ecological degradation.

Turning a blueprint into practice

To deal with major challenges facing the Yellow River basin, the central government and the local governments along the river have taken a series of measures, exemplifying how a national strategy is transforming from a blueprint into concrete practice while showing China’s determination to purse high-quality development.

Over the past 70 years, China has carried out four large-scale embankment projects, built water conservancy projects, implemented two phases of flood control projects on the lower reaches of the waterway and completed the standard levee construction. By 2019, the accumulated amount of silt and sand into the Yellow River has been reduced by nearly 30 billion tonnes and the sediment of the downstream river has been reduced by 11.2 billion tonnes.

High-quality development of the Yellow River basin started with adjustment and transformation of old industrial cities on the upper stream, developing modern agriculture in major grain-producing regions as well as exploring ways to help the impoverished residents along the riversides.

The country has also built more than 400 wetland nature reserves and national parks in the basin. The Yellow River Delta National Nature Reserve, the one President Xi visited on Wednesday, is one of the examples.

The Reserve spanning about 153,000 hectares, with wetlands making up over 70 percent of its total area, is an important wintering and stopover site for migratory birds, including oriental storks, an endangered bird species.

Earlier in October, China released an outline for the Yellow River Basin’s protection and development through 2030, serving as a guide for policymaking and engineering project planning in the basin to address challenges. The country is also speeding up its legislation to advance ecological conservation and high-quality development in the Yellow River basin.

https://news.cgtn.com/news/2021-10-21/Xi-Jinping-inspects-Yellow-River-estuary-14xxlj4xQre/index.html

Video – https://www.youtube.com/watch?v=Nzj3FiccvmA