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Bank of Mauritius and Mauritius Revenue Authority hold workshop on Common Reporting Standard

6 December 2019

On Thursday 5 December 2019, the Bank of Mauritius (Bank), in collaboration with the Mauritius Revenue Authority (MRA), held a workshop on Common Reporting Standard.

The Common Reporting Standard (CRS) is an information standard defining exchange of information pertaining to bank accounts on an international scale between tax authorities. The CRS was devised in 2014 by the Organisation for Economic Co-operation and Development.

The objective of the workshop, which falls within the Bank’s financial literacy programme, was to provide professionals from banks and non-bank deposit taking institutions with information on the latest developments in the CRS space. The workshop was facilitated by experts from the MRA’s FATCA/CRS unit and from the Bank of Mauritius.

In his speech at the opening of the workshop, Mr Sudhamo Lal, Director General of the MRA, stated that ‘the success of Mauritius as a financial hub depends on maintaining our reputation as a trusted and responsible financial centre.’

For his part, Mr Yandraduth Googooolye, Governor of the Bank of Mauritius emphasized the importance of compliance. For Governor Googoolye, ‘the Bank of Mauritius has a keen interest in ensuring that its licencees are adhering to the applicable legislations, including tax laws, and international best practices.’