The FSC has also played a pioneering and transformational role to establish new regulatory frameworks, with ESG being high on its agenda. As an IFC, we are proud to play a crucial role in the development of the African continent by facilitating investments into Africa in a responsible and sustainable manner. The total value of investment through Mauritian GBCs into Africa accounts to nearly 50 USD Billion (as at end June 2022). This has been instrumental in positioning Mauritius among the leading countries in terms of “ease of doing business” in Africa.
At regional level, the FSC proudly hosts the SADC Committee of Insurance, Securities and Non-Banking Financial authorities (CISNA) Secretariat. The FSC works closely with many African regulators, (such as the Securities and Exchange Commission in Ghana) in matters of mutual interest. The FSC has also set up a Regional Centre of Excellence, which is a collaboration between the OECD and the FSC. The RCE’s objectives include delivering capacity building programmes aimed at primarily financial services regulators and law enforcement agencies from the Southern and Eastern African region.
As we strive to be an International Financial Centre of trust and of good repute we are gearing ourselves with the means to do so. We remain a credible financial services regulator through investment in our people and infrastructure. Our engagement with the African continent is in our DNA, as we ambition to position our jurisdiction as a leading investment platform. There are plenty of examples of international organisations and Development Finance Institutions structuring their impact investments out of Mauritius into the continent, whether it is an investment into a hydro power station or investment in the health sector to improve the quality of life of the African people.
In terms of business facilitation, the FSC recently launched a one-stop-shop for all licensing and operation permit needs through the FSC Single Window. It is a single point of contact for the investors who can meet the FSC, the Economic Development Board and the Corporate and Business Registration Department under one roof. This reinforces the reputation of Mauritius as a leader in ease of doing business in Africa, with continuous solutions to reduce lead-time with streamlined procedures.
On the regulatory front, the FSC has always kept abreast of all latest developments to uphold the reputation of Mauritius as a credible jurisdiction and reiterates its unwavering commitment to building a robust regime in the fight against money laundering, terrorism and proliferation financing. In testimony of this commitment, Mauritius is now compliant/largely compliant with all the 40 FATF recommendations.
The recent effective and timely implementation of the Virtual Asset and Initial Token Offerings Services (VAITOS) Act is yet another milestone in the FSC’s journey in upholding international standards while providing an effective and innovative regulatory environment for the benefits of the Fintech community worldwide.
