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FSC Boosts Financial Services Collab with Indian Regulators



FSC Boosts Financial Services Collab with Indian Regulators

The government has agreed to conclude a memorandum of understanding between the Financial Services Commission (FSC) and the International Financial Services Centres Authority of India (IFSCAI).

The memorandum would cover key areas of collaboration between the two authorities and aim to promote the development and regulation of financial products, financial services, and financial institutions in accordance with the principles and procedures outlined therein.

Additionally, the memorandum of understanding would help establish a framework for mutual assistance and facilitate the exchange of information between regulatory authorities to develop, regulate, and enforce their respective legislative or regulatory requirements.

In the realm of financial services, the government has instructed the drafting of a bill to consolidate the framework for combating money laundering, terrorism financing, and proliferation in Mauritius.

The main objectives of the new legislation would be to address any legislative gaps identified during the recent national risk assessment exercise on money laundering and terrorism financing conducted by the Ministry of Financial Services and Good Governance; remedy minor technical compliance gaps with the Financial Action Task Force recommendations; and maintain the effectiveness of the anti-money laundering, terrorism financing, and proliferation regime.

In the fight against corruption, the Independent Commission Against Corruption (ICAC) and the Central Bureau of Investigation (CBI) of India plan to develop a collaboration and cooperation memorandum of understanding.

The agreement aims to share relevant information on anti-corruption and money laundering strategies; engage in joint activities and, if necessary, collaborate on efforts to detect and prevent money laundering and corruption, and exchange ideas, knowledge, skills, technological capabilities.

Moreover the experience in applying international standards in combating corruption and money laundering; provide technical assistance, share knowledge, skills, experience, and best practices in corruption prevention and education; and share knowledge on effective investigative techniques and best practices for information gathering and intelligence operations to detect money laundering and corruption-related offences.

The government will soon sign a loan agreement with the World Bank and the International Bank for Reconstruction and Development to finance the Rodrigues airport project.

The loan will cover the development of infrastructure related to the construction of a new airport runway and related facilities.

Among the other infrastructures to be built include a new control tower, a meteorological building, a search and rescue station, and firefighting assistance.

The loan will also cover support for the integrated sustainable development of Rodrigues, focusing on access to water and food security through technical assistance and key small investments; and technical assistance for the sustainable development of the tourism sector in Rodrigues, including tourism promotion, skills development, and enhancement of tourism infrastructure.

The Cabinet has also noted that the International Monetary Fund (IMF), in a press release issued on February 23, 2024, following the conclusion of its Article IV consultation mission to Mauritius, revised upwards its estimates for real GDP growth for Mauritius for 2022 and 2023.

For 2022, the growth rate is estimated at 8.9%. As for 2023, the IMF has raised the GDP growth rate for the second time to forecast growth of around 6.9%.

The IMF highlighted that “the Mauritian economy has rebounded strongly after the impact of the pandemic, supported by pre-pandemic fiscal and external room for maneuver”.

Source: Le Mauricien

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