Knowledge Of The Art Ltd

Do you know about the different colours of money?

In May 2016, we will witness the setting up of the Integrity Reporting Services Agency (IRSA) in Mauritius. The institution, which emanates from the Good Governance and Integrity Reporting Act, will have as its mission the combatting of unexplained wealth in our country. Unexplained wealth can be officially defined as the difference between total wealth and lawfully acquired wealth. In our courses of Knowledge of the ART, we have our own definition of money and its different colours and shades. We make the difference between:

• White money: legally acquired and duly taxed. 
• Black money: not accounted for in the books and not reported to tax authorities. 
• Brown money: generated through illegal activities (trafficking in drugs, arms and/or in line with extortion, bribe and terrorism financing). It is also called dirty money. 
• Grey money: stems from innocent or negligent errors, where the holder did not have the right information of how to keep his money clean. It was done in good faith. It is actually black money, and can be whitened by paying tax and the appropriate penalties. 
• Red money: unexplained wealth, as per the above definition.