MBA June Newsletter

MBA AGM elects new Chairperson

On 30 June 2021, the MBA held its quarterly Board meeting, and Annual General Meeting. Ms. Bonnie Qiu, Chief Executive Officer (CEO) of The HongKong & Shanghai Banking Corporation Ltd was elected as Chairperson of the MBA for a one-year mandate. Also elected were the two Deputy Chairpersons, Mr. Premchand Mungar, CEO, MauBank Ltd, and Mr. Grant Michael Parsons, CEO, Investec Bank (Mauritius) Limited.

Ms. Bonnie Qiu is taking over from Mr. Alain Law Min, CEO of the Mauritius Commercial Bank (MCB) Ltd, and Messrs Mungar & Parsons are taking over from Mr. Mark Watkinson, CEO of Bank One Ltd, and Ms. Bonnie Qiu respectively. The MBA conveys its sincere appreciation to Messrs. Law Min & Watkinson for the work accomplished during their mandates.

News

Mauritius rolls out Phase 3 of its local deconfinement strategy from 1 July 2021. The MBA recommends the continued use of digital channels such as cards, Internet Banking & Mobile Banking, for safety, and convenience. The island is also set to open to vaccinated travellers from 15 July, 2021 onwards for resort holidays. Phase 2 of the country’s opening strategy will allow vaccinated travellers entry without restrictions, upon presentation of of a negative PCR test taken within 72 hours before departure; and is scheduled from October 2021 onwards.

FATF on-site inspection to Mauritius

The Financial Action Task Force (FATF) has approved on 25 June 2021, an on-site inspection to Mauritius, which represents the final stage of the process to exit the FATF list of jurisdictions under increased monitoring. Since the inclusion of Mauritius on the FATF’s list of jurisdictions under increased monitoring in February 2020, the MBA has worked with the national Anti-Money Laundering (AML) Committee, Government officials, Regulators and other stakeholders, to support the speedy completion plan of action executed by the Mauritian delegation, led by the Governor of the Bank of Mauritius. The MBA is committed to continuing to uphold the highest standards of compliance to international AML legislation and best practices as Mauritius enters the final stages of the process.