BIZweek n°329 11 fév 2021
BIZweek n°329 11 fév 2021
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  • Parution : n°329 de 11 fév 2021

  • Périodicité : hebdomadaire

  • Editeur : Capital Publications Ltd

  • Format : (260 x 370) mm

  • Nombre de pages : 7

  • Taille du fichier PDF : 1,7 Mo

  • Dans ce numéro : les banques se préparent à l'arrêt du Libor en 2021.

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JEUDI 11 FÉVRIER 2021 BIZWEEK ÉDITION 329 HOLDINGS BIZ ALERT COMESA COMPETITION COMMISSION Inquiry into the Proposed Acquisition of the Property and Casualty Business and Medical Insurance of Jubilee Holdings Limited by Allianz Africa Holding GmbH The COMESA Competition Commission, after receiving a notification in terms of Article 24 of the Regulations regarding the proposed acquisition by Allianz Africa Holding GmbH of the property and casualty and certain medical insurance of Jubilee Holdings Limited, intends to embark on an inquiry in terms of Article 26 of the Regulations The parties have submitted that Allianz Africa Holding GmbH is a wholly owned subsidiary of Allianz SE and acts as a holding company for some of Allianz SE’s insurance businessin Africa. The larger Acquirer Group is active in a number of jurisdictions in the Common Market. In the property and casualty and medical insurance business however, Allianz SE has operations in Egypt, Kenya and Madagascar through its indirectly held subsidiaries Allianz Insurance Company – Egypt S.A.E. and Allianz Life Assurance Company – Egypt S.A.E. (both in Egypt), Allianz Insurance Company of Kenya Ltd (Kenya) and Allianz Madagascar Assurances (Madagascar). The Acquiring Group derives turnover in the following Member States  : Burundi, the Democratic Republic of Congo, Djibouti, Egypt, Eswatini, Ethiopia, Kenya, Libya, Madagascar, Malawi, Mauritius, Rwanda, Seychelles, Tunisia, Uganda, Zambia and Zimbabwe. The parties have submitted that the seller, Jubilee Holdings Limited, is an insurance holding company with operations in the Common Market. Jubilee Holdings Limited, along with its single largest minority shareholder, the Aga Khan Fund for Economic Development, is selling its property and casualty insurance business OPTIMIZING TRADE FINANCE AND COMPLIANCE PROCESSES Mauritius Commercial Bank Taps Windward’s AI Solution On 10th of February, Windward, the Predictive Intelligence company applying AI to transformglobal maritime trade, and Mauritius Commercial Bank Ltd, the longest-standing and leading banking institution in Mauritius, announced a long-term, multi-year partnership to enhance MCB’s due diligence and monitoring processes linked to its commodity trade finance business. Windward’s AI-powered solution will increase efficiency across MCB’s maritime trade finance practices and strengthen compliance and trade-based money laundering screening processes. Financial institutions in both Mauritius and around the world are under increased pressure by both national and international compliance regulators to implement extensive due-diligence processes, especially in light of new sanctions advisories by the Office of Foreign Assets Control (OFAC) in the US and the Office of Financial Sanctions Implementation (OFSI) in the UK. To this end, forward-thinking financial institutions are turning to AI systems to bolster effectiveness, streamline lengthy processes, and gain insights into deceptive practices used to facilitate financial crimes. « Windward’s platformwas the natural choice when we were looking to boost efficiency of our due diligence and Know Your Vessel processes, » said Zaahir Sulliman, Head of Specialized Finance at Mauritius Commercial Bank. « As maritime trade becomes increasingly complex to navigate, our partnership with Windward enables us to more effectively meet regulatory expectations and enhances our efforts to improve business operations, reduce risks, and improve compliance across our commodity finance business. » including is medical insurance businessin certain jurisdictions to the Acquirer. The Target Business operates in the following Member States  : Burundi, Kenya, Mauritius and Uganda. The Commission will, in accordance with the provisions of the Regulations, determine, The diuseation berne highlights a poten1JWIas leakage in Mauntius Pro gninderkieng Ptel gmndesehesee W1T 0% -1111 WHT 15% among other things, whether or not the Proposed Transaction is likely to substantially prevent or lessen competition within the Common Market and whether the Proposed Transaction is or would be contrary to the public interest as provided for under Article 26 of the Regulations. The grandfathering period brought in by the Finance Act 2018 comes to an end on 30 June 2021 Pre gfandialhan Tàx. a  : 3% Pnat grandfeeweng _AM Tex el 15% "..90M0111 tees 556 Seevice tees 081 Go As from 01 July 2021, grandfathered companies holding Category 1 Global Business Licences will be converted into Global Business Licence companies (GBL) and companies holding Category 2 Global Business Licences will cease to exist. Prior to 01 July 2021, grandfathered GBC 2 companies caneither be converted into GBL or Authorised Companies. In order to maintain their GBL licences, GBL companies will have to adhere to the new substance requirements such as carrying out their core income generating activities (« CIGA ») in or from Mauritius. The deemed80% foreign tax credit will no longer be available. An 80% exemption on specific types of income including foreign dividend and interest, subject to meeting prescribed conditions, is now available. Other types of income,e.g., management fees and service fees will now be taxable at 15%. Post the grandfathering period, income flows between GBL companies will no longer be considered as foreign source income. Therefore, income which were previously exempt from tax may now become taxable in Mauritius. 3

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