Supervisory coordination between the Bank of Mauritius (BOM) and the Financial Services Commission (FSC) should be enhanced further to ensure that there are neither supervisory loopholes nor supervisory overlaps. The decision on a possible merger of the two agencies needs further study to weigh potential benefits of supervisory unification against potential costs, particularly regarding integration, specialization, and institutional cultures. IMF technical assistance might be useful in this area. Loopholes have been identified with regard to AML/CFT supervision of non-financial businesses and professions, some of them essential to GBCs’ operations. Due to the importance of GBCs’ activities for the financial sector, this creates a risk, which is currently being addressed by the authorities with IMF technical assistance support.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment