Financial Crime World

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Global Economy Shows Resilience Despite Pandemic’s Impact

Despite the ongoing pandemic, the global economy has shown remarkable resilience, with many countries experiencing a slower rate of growth in 2020. According to recent reports, the total gross premium earned by life insurers remained relatively stable, while the general insurance business saw an undeterred performance.

Asset Values and Financial Markets

  • The value of assets in the pension scheme industry continued to trend upwards, despite market volatility and historically low interest rates.
  • The financial markets have since rebounded, amplifying the growth in pensions assets.

Mauritius Exits FATF List

In a significant development, Mauritius successfully exited the Financial Action Task Force’s (FATF) list of jurisdictions under increased monitoring in October 2021, after completing its Action Plan ahead of schedule. The country was also removed from the European Union and United Kingdom’s lists of high-risk countries.

Reputation and Financial Services

This milestone reinforces Mauritius’ reputation as a robust and credible jurisdiction, upholding the integrity of its financial services sector and global business sector.

Global Business Sector Maintains Growth Momentum

The global business sector has continued to grow, achieving 5.0% expansion in 2021 despite risks stemming from the pandemic and other challenges. The sector is expected to expand further, driven by improvements in economic conditions and policy support.

Economic Recovery

The global economic recovery is ongoing, with many countries experiencing a rebound in their domestic economies. Optimism on domestic economic prospects has improved, supported by financial conditions and reopening of borders.

Financial Stability Remains Well-Contained

Risks to global financial stability remain well-contained, reflecting the resilience of the financial world and timely policy actions. The banking industry has sustained credit flow to the economy, while equity prices have registered a net improvement as monetary policy remains accommodative.

Conclusion

Overall, despite the challenges posed by the pandemic, the global economy has shown remarkable resilience, with many countries experiencing a slower rate of growth in 2020. As the economic recovery continues, policymakers are facing tighter policy space and must navigate various pandemic-induced challenges to ensure financial stability.