loader image

Framework Agreement between FSC and IFSCAI

Home > News > Financial > Framework Agreement between FSC and IFSCAI

Framework Agreement between FSC and IFSCAI

Cooperation with India in Financial Services and Fight against Corruption

The Government of Mauritius has recently inked a Memorandum of Understanding (MoU) between the Financial Services Commission of Mauritius (FSC) and the International Financial Services Authority Center of India (IFSCAI), signaling a significant stride in collaboration between the two entities.

This framework agreement encompasses key areas of cooperation, aiming to foster the development and regulation of financial products, services, and institutions in alignment with established standards. Additionally, the initiative seeks to establish a mutual assistance framework to streamline the exchange of information between regulators.

To complement this protocol, Mauritius is in the process of drafting legislation to bolster its efforts in combating money laundering and terrorist financing. The proposed law addresses identified weaknesses in the national risk assessment and aligns with recommendations from the Financial Action Task Force, ensuring the continued effectiveness of the AML/CFT regime.

Furthermore, Mauritius’ Independent Commission Against Corruption (ICAC) and India’s Central Bureau of Investigation (CBI) are poised to sign a cooperation agreement aimed at combatting corruption. This partnership will facilitate the sharing of information, knowledge, and expertise in adhering to international standards, with a specific focus on the detection and prevention of corruption and money laundering. Technical assistance, exchange of best practices, and knowledge on effective investigative techniques will also be integral components of this collaborative effort.

Share this article
Share this Article:
Join our newsletter

Join the latest releases and tips, interesting articles, and exclusive interviews in your inbox every week.