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Fairness, innovation, compassion, solidarity… this is Finance Bill （Voting at 6:30 pm yesterday) According to Sunil Bora. The bill will amend more than 90 existing laws. These include the Economic Development Board, Companies, Banking Legislation, Financial Reporting, Financial Services, Financial Crimes Commission and the National Pension Act.
For the Minister of Good Governance, the Bill will introduce Specialist Occupations Licensing Frameworkthereby providing opportunities for highly qualified professionals to work in the Mauritius International Financial Centre. In addition, the Banking Act also provides that:“Directors, senior managers and employees of financial institutions may not concurrently serve as directors, senior managers and employees of other financial institutions, except with the approval of the Central Bank”The proposed amendment to Section 47(2) will now include licensees under the National Payments System Act. According to the Minister, “The inclusion of licensees in the National Payment Systems Act will provide more protection and strengthen governance for the payments ecosystem”.
Authorised Companies (ACs) were introduced to attract foreign investments by providing a favourable regulatory environment. These CAs benefit from minimum reporting requirements, tax exemptions and reduced compliance obligations compared to other companies in Mauritius. However, loss of CA activities due to unforeseen additional compliance burdens will not only affect the contribution of the financial services sector to GDP but will also damage Mauritius’ reputation as an international financial centre. Currently, international investors are attracted to cross-border investments due to the country’s good reputation. They can choose CAs to make these investments. The government has set a deadline of ten working days as a goal to improve the ease of doing business and perfect Mauritius’s international financial centre jurisdiction. This deadline will start once the FSC deems the application complete.
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