Black money numbers overblown; no money laundering: Mauritian PM

Says their financial system is very transparent

Mauritius today said no money laundering is taking place through its jurisdiction and it has provided all the information sought by India.

"There is no money laundering. The numbers about black money are exaggerated. Our financial system is very transparent. We've many laws to ensure that there's no corruption. We've always been dealing with India and giving all the information they've been seeking," Mauritius Prime Minister Anerood Jugnauth told reporters here.

He also wondered about the need for New Delhi to draft a new black money law and have new tax law with his country, accused of being a haven for money laundering and misused for round tripping for long, when "there is no money laundering happening through his nation".

He was responding to a question about the impact of the new black money law and the new double taxation avoidance agreement (DTAA) that the government is planning to ratify with Mauritius.

On the DTAA, he said, "Everyone is asking me about this treaty. This has been in existence between our two countries for a very long time. It has been doing very well. We are all very happy with the provisions of the treaty and I hope they (India) keep it as it is."

This comes within a week of him saying that his government was working on the new treaty with New Delhi.

"It is premature for me to pronounce on a time line to sign the new treaty because it is not over yet," Jugnauth had said in Delhi on October 30.

When asked as to when he expects to sign the revised treaty, Jugnauth said, "I don't know will there be a revised treaty. I don't know the new provisions. I don't know there will be a revised law."

On specifically asked about the impact of the black money law, the Prime Minister said, "India is a free country, if it wants to pass certain laws I cannot stop them. On our side, we have not made any assessment of the impact of your laws on our economy. I hope it stays as it is.