Financial Crime World

Mauritius Financial Supervisor Takes the Lead in Regulating Non-Bank Financial Services Sector

The Financial Services Commission (FSC) of Mauritius has established itself as a key player in regulating the non-bank financial services sector and global business on the island nation. With its establishment in 2001, the FSC is responsible for licensing, regulating, monitoring, and supervising the conduct of business activities in these sectors.

Vision and Objectives

According to its vision statement, the FSC aims to be an internationally recognized Financial Supervisor committed to the sustained development of Mauritius as a sound and competitive Financial Services Centre. To achieve this goal, the FSC has outlined three key objectives:

  • Promoting the development, fairness, efficiency, and transparency of financial institutions and capital markets in Mauritius
  • Suppressing crime and malpractices to protect investors
  • Ensuring the soundness and stability of the financial system

Core Functions

The FSC’s core functions include:

  • Regulating and supervising entities licensed under its enabling laws
  • Issuing licenses
  • Enforcing regulatory and compliance requirements
  • Formulating policies to ensure fairness and efficiency
  • Combating fraud and money laundering
  • Promoting sector development
  • Protecting consumers through education and awareness programs

FSC One Platform

To further streamline its operations, the FSC has launched an online licensing portal called FSC One Platform. This platform allows for seamless tracking of authorisation processes, providing greater visibility to stakeholders and licensees on applications submitted to the FSC. At a later stage, the platform will enable streamlined processing of filings and oversight of licensed entities, supporting the FSC’s paperless policy initiative.

Modernization Efforts

The introduction of FSC One Platform is seen as a major step forward in modernizing the financial regulatory framework in Mauritius, aligning with international best practices and environmental sustainability standards. As the country seeks to maintain its competitive edge in the global financial landscape, the FSC remains committed to promoting a robust, efficient, and transparent financial services sector.