Madam Speaker, I am informed by the Financial Services Commission that there are currently 12 leasing companies licensed and operating in Mauritius. 9 of these are domestic while 3 are global business licence holders. Madam Speaker, the FSC carries out on-site inspections for its licensees, including leasing companies using a risk-based approach derived from the National Risk Assessment. Entities falling within very high-risk clusters and carrying out very high-risk ratings are inspected annually while inspection cycles become longer as the level of risk decreases at either the cluster or entity level ranging from every two to seven years. Such entities remain subject to ongoing off-site monitoring and supervisory oversight to ensure continued compliance with AML/CFT requirements. Leasing activities were rated as medium risk based on the 2019 NRA Report. Based on this risk rating, the FSC deployed its risk based on-site inspection plan for the sector. During period 2020 to 2024, the FSC conducted six on-site inspections. Following the publication of the NRA Report 2025, that is, last year, whereby the leasing sector was rated at medium high risk – so, a more elevated risk – the FSC carried out three inspections of leasing companies in 2025. Out of the nine leasing companies that have been subject to inspections between 2020 and 2025, three companies were identified as having short comings to a varying extent in their AML/CFT systems and controls. Out of these three companies, one leasing company was identified as having serious deficiencies in its AML/CFT controls and was placed under close monitoring by the FSC. As at August 2025, Madam Speaker, the deficiencies identified were still not adequately remedied. Subsequently, that leasing company was placed under investigation which is still on-going. Madam Speaker, at this stage, I have been informed that information relating to the investigation is being treated with confidentiality at the level of the Financial Services Commission.

Thank you, hon. Minister. Any questions? Yes, Dr. Aumeer!

Thank you, hon. Minister. Madam Speaker, may I ask the hon. Minister whether she has any information in regard to certain leasing companies based in Mauritius who are being used as smoke screen for those who have been recently arrested by the Financial Crimes Commission with regard to money laundering and drug trafficking in the acquisition of super luxury cars and pleasure crafts?

Thank you, Madam Speaker. I am not aware of the details of any specific case because FSC does not give confidential case by case information. However, what I can say is that there is this one case where the clients of that company are being investigated and there have been collaborations between FSC and FCC, which is ongoing at the moment.

Yes, Dr. Aumeer!

Thank you, hon. Minister. May I, therefore, request the hon. Minister whether her Ministry can conduct an in-depth inquiry, particularly on two leasing companies which I am going to share the information with you afterwards, which are heavily, at 80%, involved in the acquisition of these super luxury cars and pleasure crafts by particularly one of them whereby no strict KYC has been done in regards to those who were looking for leasing facilities?

I look forward to receiving that information and I have also highlighted to the FSC, in view of the recent cases since last year, that we have read in the press, to increase the on-site inspections of leasing companies which looks like are being used as washing machines for, you know, dirty money basically. But I look forward to receiving that which I will then transmit to the FSC. Thank you.

Okay! Is that okay everyone?

Yes!

Alright. Now, so there are so many questions that have been withdrawn. Maybe I shall do this for the moment and tell you. The Table has been advised that the following PQs have been withdrawn - B/273, B/280, B/287, B/290, B/296, B/300, B/301, B/303, B/306, B/307, B/309, and B/315. But we still have a little bit of time to finish. Now, hon. Jugurnauth, yes! TERRACINE, SOUILLAC – NEW HOUSING ESTATE – DRAIN WORKS – COST