We were not even aware of this survey. Yet, Mauritius was categorised in the last group. Worse, Mauritius was never given a hearing before its categorisation in the last group. In spite of all the statements of good intention made in the Press Release, some damage had already been inflicted to the image of Mauritius as a financial services centre.
Voices against this approach were raised at various international meetings of Governors of Central Banks. Subsequently, the IMF was urged and, rightly so, by the Financial Stability Forum to take a lead role in the assessment of jurisdictions’ adherence to international standards. The IMF held a Consultative meeting to hear the views of outside experts from onshore and offshore centres and international agencies.