Financial Crime World

Mauritius Regulator Sets Standard for Financial Institutions’ Governance

The Financial Services Commission (FSC) in Mauritius is a pioneering regulatory body that has been at the forefront of regulating non-bank financial services and global business since its establishment in 2001. As an integrated regulator, the FSC is responsible for licensing, regulating, monitoring, and supervising business activities in various sectors, including:

  • Financial Services Act
  • Captive Insurance Act
  • Insurance Act
  • Private Pension Schemes Act
  • Securities Act
  • Virtual Asset and Initial Token Offering Services Act

FSC’s Vision

The FSC aims to become an internationally recognized Financial Supervisor, committed to fostering a sound and competitive Financial Services Centre in Mauritius. To achieve this vision, the Commission seeks to:

  • Promote the development of financial institutions and capital markets
  • Ensure fairness, efficiency, and transparency in financial services
  • Provide protection to investors in non-bank financial products
  • Suppress crime and malpractices

Key Responsibilities

The FSC works tirelessly to ensure the soundness and stability of the financial system in Mauritius. Some key responsibilities include:

  • Regulating and supervising business activities in various sectors
  • Licensing and monitoring financial institutions
  • Investigating and enforcing compliance with regulations
  • Providing guidance and support to regulated entities

Organizational Structure

The FSC’s internal structure is designed to optimize resources and facilitate cross-functionality, ensuring effective decision-making and execution. The Commission’s Annual Report 2021/22 provides further insight into its accountabilities within the organization.

Anti-Corruption Policy

In addition, the FSC has adopted a comprehensive Anti-Corruption Policy aimed at preventing corruption. This policy sets out clear objectives, policies, and procedures to combat this issue, ensuring that the Commission maintains the highest ethical standards in its operations.

By setting high standards for financial institutions’ governance, the FSC is contributing to the development of a robust and trustworthy financial system in Mauritius, promoting economic growth and stability in the country.