Recent signature of OECD Multilateral Convention by Minister of Finance:
On 23 June 2015, Mauritius signed the OECD Convention on Mutual Administrative Assistance in Tax Matters, which will provide the legal basis for Mauritius to exchange tax information, as well as engage in other forms of cross-border cooperation with its trade and investment partners. This follows the commitment taken by Mauritius in Berlin, in October 2014, to share financial account information automatically by September 2017, as part of the Early Adopters Group of countries implementing the OECD Common Reporting Standards (CRS).
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FATCA reporting deadline by MRA:
Mauritian financial institutions have until 31 August 2015 to submit to the Mauritius Revenue Authority (MRA) all information pertaining to customers falling under the definition of a “US person” under the FATCA legislation, for onward transmission by the MRA to the US Internal Revenue Service (IRS).
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Since 15th September 2014, four MBA Member banks have gone live on the SADC Integrated Regional Electronic Settlement System (SIRESS). For more information, please click here.
Conférence de l'Union bancaire francophone sur le thème de l'éducation financière
La MBA, membre de l'Union bancaire francophone, participe à la conférence sur l'éducation financière accueillie cette année par Febelfin, fédération belge du secteur financier, le 4 avril 2014, à Bruxelles.
On 27 December 2013, Mauritius became the 1st African country and the 20th country globally to sign an Intergovernmental Agreement (IGA) with the US for implementation of the Foreign Account Tax Compliance Act (FATCA) in Mauritius.
On 13 September 2013, the Cabinet has agreed to the signing of a Tax Information Exchange Agreement (TIEA) and an Inter-Governmental Agreement (IGA) with the USA for the implementation of the Foreign Account Tax Compliance Act (FATCA) in Mauritius, enacted by the USA in March 2010, and to allow the Financial Services Sector to maintain its global competitiveness.
The CAMEL rating framework is the standard bank-rating system that supervisory authorities use to rate financial institutions. It consists of 5 components namely, Capital Adequacy, Asset Quality, Management, Earnings and Liquidity. This framework is an initiative aimed at encouraging banks to improve their performance. A rating ranging from 1 to 5 is usually assigned to banks to review their overall financial condition which is published by the Bank of Mauritius on a bi-annual basis. To view the latest CAMEL ratings for banks - June 2014, please click here.
BanyanTree Bank Limited has become the 21st Member Bank of the MBA. The bank was licensed by the Bank of Mauritius on 6th September 2012 to conduct banking business in Mauritius and commenced its operations on 18th February 2013. Read More...
In December 2011, Mauritius became the second African country, after South-Africa, to become an International Swaps and Derivatives Association (ISDA) compliant jurisdiction, thereby further consolidating its position as a regional hub for Africa-bound investments, in line with its market diversification strategy. Read More...
The Basel III framework was developed by international regulators in the wake of the global financial crisis to further enhance the resilience of banks and the banking system. To be in line with international developments, Bank of Mauritius issued a Consultation Paper on Implementation of Basel III in Mauritius and a Guideline on Scope of Application of Basel III and Eligible Capital. The Guideline took effect on 1 July 2014. Read More...
The Bank of Mauritius, together with commercial banks has already moved to the full truncation of cheques as from 4th February 2013. The Cheque Truncation System provides for the Bulk Clearing System for electronic transactions in Mauritius. It is actually the process by which the recto and verso images of cheques are captured and forwarded by electronic means to the paying bank for clearing. The main benefits of the system is that it improves the payment system by reducing the clearing delay from two days to same day settlement and eliminates the physical movement of cheques through the Clearing House. It also improves the internal processes of banks in handling cheques by enhancing the signature verification process and preventing fraud.
In June 2012, a Special Line of Credit in Foreign Currency was offered by the Bank of Mauritius to enable export and tourism operators address currency mismatches between their income streams and existing debt-servicing requirements. The Line of Credit to the tune of EUR 600 million to be drawn in 3 major currencies namely Euros, US dollars or Pound Sterling, through their respective banks. As at date, BoM has disbursed funds amounting to EUR40.3 million to 5 Member banks and USD0.65 million to 1 Member Bank for on-lending to economic operators in the tourism and textile sector respectively.
In June 2012, Moody's Investors Service upgraded Mauritius' foreign and local currency government bond ratings from Baa2 to Baa1, showing a stable outlook.
On 19 January 2015, the MBA has embarked on a Financial Literacy Program to promote financial education across the population. Read more…