Himanshu Marchurchand

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Sortie de Maurice de la liste grise du GAFI

Bonne nouvelle pour le secteur financier: Maurice est désormais hors de la liste grise du Groupe d’Action Financière (GAFI)/Financial Action Task Force (FATF). L’annonce a été faite ce jeudi 21 octobre 2021, lors d’une conférence de presse animée par le Dr. Marcus Pleyer, Président du GAFI, qui a fait état de la détermination et du travail acharné abattu par la partie Mauricienne pour cela.
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Mauritius 4th Enhanced Follow-up Report & Technical Compliance Re-Rating – September 2021

On 7 October 2021, the FATF-Style Regional Body for the Eastern and Southern Africa (ESAAMLG), has posted the 4th Follow-Up Report (FUR) for Mauritius on its website. Overall, Mauritius has made sufficient progress and its technical compliance with the FATF Recommendations has been revised. Mauritius is now Compliant on 26 of the 40 Recommendations, Largely Compliant on 13 and remains Partially Compliant on 1 Recommendation.
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MBA September Newsletter

Mauritius fully opened its borders to vaccinated international travellers on 1 October 2021, after a two-phased partial reopening strategy. Further relaxation of COVID-19 measures around the island also came into effect on the same date. The MBA recommends the continued use of digital channels for safety, and convenience.
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MBA publishes “Transition Away From LIBOR” set of FAQ

On 21 September 2021, the MBA published two Frequently Asked Questions (FAQ) brochures on the London Interbank Offered Rate (LIBOR). These have been prepared by the MBA Working Group on LIBOR, in consultation with the MBA Legal sub-committee. The long form FAQ is aimed at finance professionals & larger businesses, while the standard version targets the public, and small businesses. Member banks would also be uploading the set of FAQ on their individual websites, for clients’ information and benefit.
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Bonnie Qiu: “FX deposits remained stable despite Covid-19 crisis”

Cover Story: In spite of the crisis, the banking sector has remained resilient, states the CEO of HSBC and Chairperson of the Mauritius Bankers Association. For instance, as at end of March 2021, banks’ capital adequacy ratio stood at 18.7%, comfortably above the regulatory minimum 11.9%. Similarly, the quality of assets remains good with non-performing loan ratio standing at 5.0%. In the interview below, Bonnie Qiu also talks about the interconnectedness between the banking sector and global business and expresses confidence that Mauritius will soon be removed from the European union’s blacklist.
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Port Louis View

MBA August Newsletter

Capital Economics Report: On 30 August 2021, a report by Capital Economics on the contribution of Mauritian investments into Africa was released. Key findings of the report include that investments from Mauritius account for US$82bn (9% of Foreign Direction Investment into Africa), generate US$6bn annually in tax revenue for African states, and support 4.2 million jobs (which create an additional US$30bn in spending power).
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MBA Website Photos

MBA July Newsletter

At its June 2021 Plenary, the Financial Action Task Force (FATF) made “the initial determination that Mauritius has substantially completed its Action Plan and warrants an on-site assessment to verify that the implementation of Mauritius’s AML/CFT reforms has begun and is being sustained, and that the necessary political commitment remains in place to sustain implementation in the future.” On Friday 23 July, Cabinet took note that a delegation from The Financial Action Task Force (FATF) Africa/Middle East Joint Group is looking to conduct an on-site visit from 13 to 15 September 2021 in Mauritius. On Friday 23 July, Mauritian authorities also submitted the latest progress report to the FATF, which will constitute the basis for the on-site inspection.
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FX Global Code Artwork

FX Global Code Public Register for Mauritius hosted by MBA goes live

On Thursday 15 July 2021, the FX Global Code Participating Public Register for Mauritius, which is hosted by the Mauritius Bankers Association Limited (MBA), was admitted to the Global Index of Public Registers. Established by the Global Foreign Exchange Committee (GFXC), the Global Index is the official list of banks worldwide which adhere to the FX Global Code. Mauritius is only the 17th country to be admitted to the Global Index repository so far.
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