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Communiqué: Bank of Mauritius signs a memorandum of understanding with the Financial Intelligence Unit

12 November 2009, Bank of Mauritius

The Bank of Mauritius (the Bank) has today signed a Memorandum of Understanding (MoU) with the Financial Intelligence Unit (FIU) to provide for mutual assistance in the national effort to combat threats posed by financial crime, in particular, money laundering and terrorist financing.

The MoU sets out the framework of co-operation between the Bank and the FIU for the sharing of relevant and timely information relating to the detection and prevention of money laundering and terrorist financing, and ensures that effective regulatory and legal action is taken where appropriate.

The Bank and the FIU have also agreed to collaborate in supporting training initiatives that promote understanding in the area of money laundering and terrorist financing.

The signature of this MoU reinforces the commitment of the Bank to pursue its efforts to promote the exchange of supervisory information considered vital for avoiding regulatory gaps in the system and for maintaining a safe, efficient and stable financial system in Mauritius.

It will be recalled that the Bank has also entered into an MoU with the Financial Services Commission for the sharing of regulatory and supervisory information. In furtherance of this MoU, a “Protocole d’Accord” was signed on 12 July 2007 to promote a more structured collaboration and coordination between the two bodies. A Joint Bank of Mauritius/Financial Services Commission Coordination Committee was also set up to activate and expand on the existing MoU.

Earlier this year, the Bank signed on 3 March 2009 an MoU with the Central Statistics Office to avoid overlapping and duplication in the collection and production of statistical information.

Other MoU’s for the sharing of information with other institutions are currently under discussion between the Bank and the agencies concerned.