Mauritius Declaration of Assets Act 2018 expands the definition of "assets."
11/04/2025
The Mauritius's Financial Crimes Commission (FCC) issued an essential update under Section 8 of the Declaration of Assets Act 2018.
The definition of "assets" has been expanded to include:
- Gold coins exceeding MUR 500,000 in value
- Virtual assets
- Works of art exceeding MUR 500,000 in value
- Waqf property under the Waqf Act 1941
In Mauritius, Waqf property refers to assets dedicated in perpetuity for charitable or religious purposes under the Waqf Act 1941. The act outlines the legal framework for creating, managing, and supervising Waqf properties.
Key aspects include:
- Declaration of Waqf: The owner of a specific property declares it as Waqf, meaning it is dedicated permanently for charitable purposes.
- Management: The act provides guidelines for managing and supervising Waqf properties, including financial oversight and annual reporting.
- Types of Waqf: Waqf can be created inter vivos (during the owner's lifetime) or by will.
- Waqf Act (Act 9) - ICNL https://www.icnl.org/research/library/mauritius_waqf1941/
- https://www.icnl.org/wp-content/uploads/Mauritius_waqf1941.pdf
All declarants, particularly those who submitted forms after March 29, 2024, must now inform the FCC if they, their spouse, or minor children hold any new asset types.
This requirement applies to elected members of parliament, regional assemblies, and municipal/district councils. Submissions must be made in writing or by affidavit if initially declared that way.
Sources
- https://fcc.mu/directive-under-section-8-of-the-declaration-of-assets-act-2018/
- https://fcc.mu/wp-content/uploads/2025/02/declaration-assets-act-2018-correct-and-updated-one.pdf
- Press Release - Financial Crimes Commission - fcc.mu https://fcc.mu/press-release-fcc-advances-in-implementation/
- FCC - Financial Crimes Commission https://fcc.mu/
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