The Financial Services Commission, Mauritius (FSC) has just released its Annual Report for the year ended 30 June 2021.
This Annual Report highlights the activities conducted by the Commission in its role as Regulator for the non-bank financial services sector and global business and includes the account of the Commission for the period 2020 to 2021.
The key milestones and growth achieved by the FSC in the wake of numerous challenges, among which, the actions taken to exit Mauritius from the FATF List of Jurisdictions under Increased Monitoring (FATF Grey List) amidst the COVID-19 pandemic are also outlined.
During the financial year 2020/21, it conducted 364 on-site inspections, 407 off-site policy reviews and referred a total of 110 cases for enforcement actions.
The FSC, in collaboration with the Financial Intelligence Unit, conducted a joint targeted outreach on Suspicious Transaction Reporting (STR) to apprise reporting persons on their STR obligations to foster a culture of compliance within the industry. This required the FSC to increase its workforce capacity to ensure that there are adequate resources to maintain the level of oversight and regulatory actions.
The FSC helped contribute of approximately Rs1.1 billion to the Consolidated Fund for the period 2020/21, it said.
It reported that the number of GBC1 licences has increased by 4% reaching 12,957 as at end June 2021.
As at end June 2021, the number of direct employment in the financial services sector stood at 9,254, hence showing an increase of 7% in comparison to as at end June 2020, it added.
Total DI flows from Mauritius into Africa displayed a year-on-year increase of 7%, which reached US$2.9 billion during the first semester of 2021 as compared to the same period in 2020.
Click here to view the complete Annual Report.
