The Financial Services Commission (FSC)
The FSC had been set up Financial Services Development Act 2001 (now repealed) and is currently governed by the Financial Services Act 2007. It is the integrated regulator for the financial services sector (other than banking) in Mauritius. This body was established in 2001 and operates within an internationally recognised legal framework. The FSC is responsible for licensing, regulating, monitoring and supervising the conduct of business activities in the non-banking financial services sector in the country.
The Bank of Mauritius
The Bank of Mauritius was established by the Bank of Mauritius Act 1966 (amended) as the Central Bank of the country and had been modelled on the Bank of England. Commercial banks in Mauritius are regulated and supervised by the Bank of Mauritius under the laws of Mauritius which have been based on international legal framework. The Bank has among its main objectives to maintain a sound banking system in Mauritius and to protect the interests of depositors.
The Bank also has the authority and responsibility to formulate and execute the monetary policy consistent with stable price conditions and to safeguard the stability and strengthening of the financial system of Mauritius.
The Financial Intelligence Unit
To protect Mauritius from being used as a money laundering base, the government of Mauritius has enacted AML/CFT legislation, to deal with the prevention of corruption, fraud, financial crime, money laundering and terrorism activities. These include, namely, the Financial Intelligence and Anti Money Laundering Act (FIAMLA), the Prevention of Terrorism Act and the Prevention of Corruption Act.
The Financial Intelligence Unit was established under the Financial Intelligence and Anti Money Laundering Act 2002 and is the country’s central agency for the request, receipt, analysis and dissemination of financial information regarding suspected proceeds of crime and alleged money laundering offences as well as the financing of any activities or transactions related to terrorism to relevant authorities.
Mauritius Revenue Authority
The Mauritius Revenue Authority (MRA) is a parastatal organisation in Mauritius, it is the Revenue Authority of the Mauritian Government and operates under the aegis of the Ministry of Finance and Economic Development. Set up under The Mauritius Revenue Authority Act 2004, the MRA is responsible for the assessment of liability, the collection and the accountability for Tax and the management, operation and enforcement of Revenue Laws.
The MRA`s mission is to continually reform and modernise revenue administration in order to manage and operate an effective and efficient Revenue organisation comprising of highly motivated and skilled staff.
The Corporate and Business Registration Department
The Corporate and Business Registration Department(CBRD) is a government office, which falls under the aegis of the Ministry Of Finance and Economic Development. It administers the Companies Act 2001, the Business Registration Act 2002, the Insolvency Act 2009, The Limited Partnerships Act 2011 and The Foundations Act 2012.
The Financial Reporting Council
The Financial Reporting Council (FRC), a body corporate set up under the Financial Reporting Act 2004. It is an organisation under the aegis of the Ministry of Financial Services, Good Governance and Institutional Reforms. The FRC is mainly responsible for promoting confidence in corporate reporting and good corporate governance.
The objectives of the FRC as per the FRC act are to promote the provision of high quality reporting of financial and non-financial information by public interest entities, to promote the highest standards among licensed auditors, to enhance the credibility of financial reporting and to improve the quality of accountancy and audit services.