Financial Services Commission ww

Financial=20 Services Commission
www.fscmauritius.org

Press Briefing at the FSC = House 21=20 January 2009

The Chief Executive, Mr Milan Meetarbhan = met the=20 press on Wednesday 21 January at the FSC House. The main = objectives of the=20 briefing were to give an overview of the Global Business = Sector in Mauritius and = enumerate=20 the various regulatory actions which the Commission may be called = upon to=20 take.

Mr Meetarbhan explained that the = Mauritius=20 International Financial Centre = (IFC) is stable and robustly=20 regulated.

=93There are various advantages in using the Mauritius IFC, namely = the wide=20 range of financial products and investment vehicles, the tax = incentives=20 available, confidentiality = and a wide network of Double Taxation Agreements=94 he = further added.=20

Mauritius, he said, is a gateway to = Asian,=20 middle-Eastern and African markets, with a number of Investment = and=20 Protection Agreements existing with 15 countries.

He spelt out the list of legislations = governing=20 the Global Business Sector namely the Financial Services Act 2007 = as well=20 as the various codes and guidelines issued by the Commission. =

=93Our legal framework strikes the right = balance=20 between the need for regulation and business development=94 he=20 added.

The Chief Executive also laid emphasis = on the=20 AML/CFT (Anti-Money laundering and Combating the Financing of = Terrorism)=20 codes that have been issued by the Commission and our compliance = to=20 international norms as prescribed by standard-setting bodies like = IOSCO,=20 IAIS and FATF.

There are also mechanisms for on-site = inspections=20 and off-site supervision where the FSC is called upon to verify = the=20 Business Conduct of client companies, their record keeping and the = regulatory status with respect to the Financial Services Act, = codes,=20 regulations and the AML/CFT codes issued by the FSC.

On another note, Mr Meetarbhan stated = that the FSC=20 takes all necessary measures and precautions and abides strictly = by the=20 different legal and regulatory provisions while analysing requests = for=20 registration but the Management Companies also have the = responsibility to=20 verify that applicants are complying with the terms and conditions = for=20 licensing.

They have, for example, the obligation = to verify=20 the identity of their new clients and their source of funds. They = also=20 have a clear mandate to nominate a money-laundering reporting = officer=20 (MLRO) and a deputy MLRO. =20

Answering to questions of the press, Mr = Meetarbhan=20 explained that the FSC ensures that the Management Company has = followed=20 the necessary procedures and satisfied requirements in respect of = Customer=20 due-diligence before initiating any action in the event of=20 irregularities.

&nb= sp; &nbs= p; =20 Financial Services Commission

&= nbsp; &n= bsp; =20 FSC House,

&= nbsp; &n= bsp; =20 54, Cybercity, Ebene,

&= nbsp; &n= bsp; &nb= sp; &nbs= p; = ; = =20 Mauritius

&= nbsp; &n= bsp;=20 Tel: (230) 403 7000

&= nbsp; &n= bsp;=20 Fax: (230) 467 7172

= &= nbsp; =20 http://www.fscmauritius.org/