MAURITIUS Law and Practice Contributed by: Valerie Bisasur, Jean-Vincent Dacruz and Shane Mungur, BLC Robert & Associates
Financial institutions are expected to conduct post-incident reviews to learn from incidents and to adjust their response plans accordingly. Situational Awareness and Continuous Improvement Financial institutions are expected to continu - ously monitor the evolving cyber landscape and to adapt their cyber-resilience strategies accord - ingly. The Guideline encourages entities to conduct post-incident reviews to identify lessons learned and to make improvements. Financial institutions are expected to continu - ally enhance their resilience frameworks by inte - grating feedback from incidents, simulations and new threat intelligence. In the dynamic landscape of global banking, Mauritius has recognised the growing impor - tance of digital transformation, environmental, social and governance (ESG) initiatives, and cybersecurity enhancements. Recent efforts by parliament, the BoM and the Financial Services Commission have focused on enhancing frame - works for fintech, digital banking, ESG and sus - tainable finance. These initiatives aim to mod - ernise the banking sector in line with evolving customer expectations, market demands and international standards. To define the path forward for the banking sector, the BoM partnered with the Mauritius Bankers Association and an international consulting firm to produce the “Future of Banking in Mauritius” report. This forward-looking vision prioritises: 11. Horizon Scanning 11.1 Regulatory Developments
• innovative products and services; • advanced technology and new business models; • compliance with international standards and regulations; • commitment to ESG principles; and • human capital development. The BoM envisions creating a modern, secure ecosystem that positions Mauritius as a leader in banking services across the region. To foster this vision, the BoM has actively sought innovative approaches and explored new growth opportu - nities. One major initiative was the launch of the Sus - tainable Finance Framework in August 2023. Developed in collaboration with the government and other stakeholders, this framework governs the issuance of green, social and thematic bonds by the Ministry of Finance, Economic Planning and Development. Its purpose is to solidify Mau - ritius’ reputation as a key international financial hub in the ESG domain. The BoM is also focused on advancing digital finance by piloting a retail Central Bank Digital Currency (CBDC), known as the Digital Rupee. The Digital Rupee will aim to encourage digital payments and decrease reliance on cash. Addi - tionally, the BoM is closely monitoring develop - ments in the virtual asset market after the 2022 enactment of the Virtual Asset and Initial Token Offering Services Act. It is working on finalis - ing the BoM Guideline for Virtual Asset-Related Activities, enhancing regulatory oversight based on industry feedback. In alignment with international standards, Mau - ritius is also conducting a National Risk Assess - ment on money laundering and terrorism financ - ing, supported by the World Bank.
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