{"id":3694,"date":"2023-01-11T16:01:08","date_gmt":"2023-01-11T12:01:08","guid":{"rendered":"https:\/\/ministry1.govmu.org\/gis\/?p=3694"},"modified":"2023-01-12T16:08:24","modified_gmt":"2023-01-12T12:08:24","slug":"financial-sector-is-the-new-emerging-pillar-of-the-mauritian-economy-says-minister-seeruttun","status":"publish","type":"post","link":"https:\/\/gis.govmu.org\/gis\/?p=3694","title":{"rendered":"Financial sector is the new emerging pillar of the Mauritian economy, says Minister Seeruttun"},"content":{"rendered":"\t\t
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GIS \u2013 11 January 2023:<\/b>\u00a0The financial sector is an emerging\u00a0important pillar which can contribute significantly to the Mauritian economy in the years to come, stated the Minister of Financial Services and Good Governance,\u00a0Mr Mahen Kumar Seeruttun,\u00a0this morning,\u00a0in Eb\u00e8ne.<\/p>

He was speaking at a press conference\u00a0during which\u00a0he\u00a0gave an overview of the sector\u2019s\u00a0accomplishments in\u00a02022 and the Ministry’s strategic plans for\u00a0year 2023 to further consolidate the sector and\u00a0to\u00a0project Mauritius\u00a0as a regional reliable financial centre.\u00a0<\/p>

The Financial Services Minister\u00a0highlighted that the ‘financial and insurance activities’ sector performed relatively well compared to other sectors of the economy in 2022 while indicating that the Financial Services Commission had issued 9471 licenses to global business institutions.<\/p>

He\u00a0enunciated several projects launched and implemented to combat\u00a0Anti<\/em>–Money Laundering<\/em>\u00a0and Countering the Financing of\u00a0Terrorism<\/em>\u00a0(AML\/CFT) and conform to the recommendations of\u00a0the\u00a0Financial Action Task Force (FATF) as well as promote the country internationally.<\/p>

These\u00a0are as\u00a0follows: promulgation of Virtual Asset and Initial Token Act and the Variable Capital Companies Act; development of\u00a0a Technical Working Assistance\u00a0Group; launching of\u00a0an online platform for application of licences; launching of\u00a0a Single Window System; introduction of Insurance Wrappers; overseas missions; surveys to address skills mismatch and needs of operators; organisation of job fairs; and training of some 1500 personnel.<\/p>

As regards Corporate Governance, the Minister indicated that out of twelve\u00a0Ministries, eight have already completed evaluation exercises to address bottlenecks identified by the National Audit Office with the objective to reinforce good practices and combat fraud.<\/p>

Speaking of key priorities of the sector, Minister Seeruttun said that his Ministry is developing strategies to ensure that the country remains among the top countries in ease of doing business.\u00a0<\/p>

Another priority, he pointed out, is to ensure the implementation of the 40 recommendations of the Blueprint for the sector mapped by Government in 2018 to develop main areas of the financial sector such as private banking, corporate banking and cross-border investment. The Minister proudly announced that Mauritius is among the rarest countries in the world to be largely compliant\u00a0with the\u00a0FATF recommendations. On that score he stressed on the need to consolidate legal framework in the sector to ensure compliance with the recommendations as well as to attract more investment.<\/p>

As for the strategic plans for 2023, the Minister announced a series of activities with the aim to put in place the right eco-system to attract businesses. These\u00a0include:holding of\u00a0a workshop from 26 to 31 January 2023; reviewing\u00a0the National Risk Assessment; introducing\u00a0a\u00a0new AML\/CFT Miscellaneous Provisions Bill and a new Securities Bill; developing\u00a0an Environmental Social and Corporate Governance framework; making\u00a0the Financial Services Institute an awarding body; devising\u00a0a\u00a0national Fintech strategy; implementing\u00a0the National Insurance Claims database project; organising a FinExpo and a job fair; developing\u00a0a Corporate Governance Research Centre;\u00a0and,\u00a0hosting\u00a0the second edition of the Annual Corporate Governance Conference.<\/p>

Minister Seeruttun also indicated that\u00a0his\u00a0Ministry will be working on several projects in collaboration with the Economic Development Board and other financial\u00a0institutions to make Mauritius more visible and attract new investors from India, Africa, USA, and Hong\u00a0Kong.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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GALLERY<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Government Information Service<\/strong>, Prime Minister\u2019s Office, Level 6, New Government Centre, Port Louis, Mauritius. Email: gis@govmu.org \u00a0Website:\u00a0https:\/\/gis.govmu.org<\/a>\u00a0 Mobile App: Search Gov<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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More News<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\n\t\t\t\tFinancial sector is the new emerging pillar of the Mauritian economy, says Minister Seeruttun\t\t\t<\/a>\n\t\t<\/h6>\n\t\t\t\t
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GIS \u2013 11 January 2023:\u00a0The financial sector is an emerging\u00a0important pillar which can contribute significantly to the Mauritian economy in the years to come, stated<\/p>\n","protected":false},"author":1,"featured_media":3696,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21,6],"tags":[],"table_tags":[],"class_list":["post-3694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-news"],"_links":{"self":[{"href":"https:\/\/gis.govmu.org\/gis\/index.php?rest_route=\/wp\/v2\/posts\/3694","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gis.govmu.org\/gis\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gis.govmu.org\/gis\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gis.govmu.org\/gis\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gis.govmu.org\/gis\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3694"}],"version-history":[{"count":5,"href":"https:\/\/gis.govmu.org\/gis\/index.php?rest_route=\/wp\/v2\/posts\/3694\/revisions"}],"predecessor-version":[{"id":3703,"href":"https:\/\/gis.govmu.org\/gis\/index.php?rest_route=\/wp\/v2\/posts\/3694\/revisions\/3703"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gis.govmu.org\/gis\/index.php?rest_route=\/wp\/v2\/media\/3696"}],"wp:attachment":[{"href":"https:\/\/gis.govmu.org\/gis\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gis.govmu.org\/gis\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gis.govmu.org\/gis\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3694"},{"taxonomy":"table_tags","embeddable":true,"href":"https:\/\/gis.govmu.org\/gis\/index.php?rest_route=%2Fwp%2Fv2%2Ftable_tags&post=3694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}