Outcomes of Virtual FATF Plenary
A Financial Action Task Force (FATF) Plenary meeting was held from 22 to 25 February in Paris. In the course of this meeting, the list of jurisdictions under increased monitoring was revised, and the progress made by various jurisdictions was reviewed. While Mauritius has been maintained on the list, the FATF noted a number of achievements in the fields of outreach and training. Further work on the 5 action points of the agreed action plan is required in order to address strategic deficiencies. Four new countries, including Morocco, have now been included on the FATF list.
Business Mauritius sub-committee on Africa strategy
The month of February saw two meetings of the Business Mauritius sub-committee on Africa Strategy, whose mission is to define private-sector priorities in relation to developing trade and investment between the country and the rest of the African continent. Chaired by Mr. Amédée Darga, it includes the MBA, Standard Chartered Bank Mauritius and ABC Banking, as well as senior figures from other key sectors of the Mauritian economy. The committee is currently discussing a wide-range of initiatives which include include defining priority markets, public-private collaboration, promotion, and initiatives to increase the ease of doing business, as well as positioning Mauritius as a bridge between Africa & Asia, with a view to prepare proposals ahead of the Government’s forthcoming National Budget 2021-2022. MBA members are invited to share their representations and proposals through the MBA.
Representations to BoM Fintech Committee
The MBA has actively participated in the deliberations of the BoM Fintech Committee and its four working groups (on Regulation, Innovation, Talent, and Capital), which have met on a weekly basis in February. Some of the key proposals supported by the MBA include setting up coding bootcamps to rapidly build cohorts of programmers, enabling digital onboarding of customers, simplifying the use of third-party technology, the creation of an innovation lab, and new funding mechanisms to support the development of Fintech. The Fintech Committee aims to produce a report which will set out a clear roadmap for the development of the Fintech sector.