finance

MBA Port Louis

Mauritius exits EU list of High-risk third countries on 13 March 2022

The Mauritius Bankers Association (MBA) has taken cognizance of Mauritius’s forthcoming exit from the European Union’s list of High-risk third countries, as published in the Official Journal of the European Union on 21 February 2022. As per Article 4 of the Regulation, “This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union,” i.e., 13 March 2022.
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La sortie définitive de la liste de l’UE viendra simplifier les transactions bancaires

La sortie de Maurice a déjà été annoncée par des officiels de l’Union européenne. Nous comprenons que les procédures sont déjà en cours pour officialiser ce retrait, qui devrait être conclu et prendre effet dans quelques semaines, selon les mécanismes assez complexes de l’Union européenne. Nous attendons la conclusion de ces procédures avec enthousiasme – nous y sommes presque ! Déjà, nous constatons un regain d’intérêt pour le centre financier mauricien, et nous pensons que la sortie définitive viendra simplifier les transactions bancaires et augmenter les nouveaux projets.
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MBA Port Louis

Mauritius exits UK High-Risk Third Countries list

The Mauritius Bankers Association (MBA) has taken cognizance of the United Kingdom (UK) Parliament approval on 1 November 2021, of Mauritius’s exit from the UK’s list of High-Risk Third Countries, effective 2 November 2021. This follows from the country’s exit from the Financial Action Task Force (FATF) list of jurisdictions under increased monitoring earlier in October this year.
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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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