Rajesh Bhagwan discusses new bill to avoid FATF greylisting and introduce ecocide crime

The Minister of Environment, Rajesh Bhagwan, highlighted the global economy's reliance on international trade, which reached USD 33 trillion in 2024, representing 60% of global GDP, with financial services playing a crucial role. He warned of risks associated with massive capital flows, particularly in the offshore sector, which he described as a breeding ground for white-collar criminals due to shell companies and complex arrangements. Bhagwan referenced past scandals like the Panama Papers, Pandora Papers, Mauritius Leaks, and Paradise Papers, which damaged Mauritius's international image and led to sanctions. To address these issues, he advocated for the Anti-Money Laundering, Combatting the Financing of Terrorism and Countering Proliferation Financing Bill, stating its goal is to align Mauritius with the latest international standards set by the FATF and avoid re-inscription on the "grey list." He emphasized the need for annual progress despite having until 2027 to comply with FATF's 40 recommendations, warning of significant and lasting economic, financial, and reputational consequences for non-compliance. The bill also amends the Environment Act 2024, introducing new provisions to penalize deliberate evasion of environmental protection fees, including criminalizing false declarations and imposing substantial sanctions on those who mislead the Director General of the Mauritius Revenue Authority. Penalties include fines between Rs 100,000 and Rs 500,000, imprisonment up t