Although the island has only had a significant financial services sector for about two decades this has, in some ways, worked to its advantage. The Mauritian Authorities have been extremely prudent in adopting best international practice in the laws and regulations and learning from how other jurisdictions have developed, and the result is a financial industry that has matured quickly and is striving to embrace the highest international standards.
The number of financial operators has increased substantially. A strong presence of financial institutions has been established in the centre namely, banking institutions, insurance companies, stock brokers, insurance brokers, investment companies, venture capital companies, fund managers, foreign exchange dealers, money changers, leasing companies, credit institutions, asset management companies and bond dealers.
In 2001, a whole raft of new legislation was enacted related to the administration of trusts and companies as well as regulation of offshore providers. Against a background of global economic slowdown, the Mauritian financial sector fared better, with the assets of the insurance and pension funds industry increasing, as well as stock market capitalisation and the aggregate turnover of management companies operating in the Global Business Sector.