“We have to ensure that the funds that are coming to our jurisdiction are clean”

In his speech during the evening celebrations of MITCO’s milestone achievement, Mr. Dhanesswurnath Thakoor, the CEO of the Financial Services Commission (FSC), reflected on the remarkable journey of MITCO, acknowledging both past triumphs and imminent challenges of the global business sector.

Addressing concerns about delays in license approvals, Mr. Thakoor reassured stakeholders that regulatory efficiency remains a priority. He emphasised the regulator’s responsibility to ensure that every license issued meets stringent compliance standards, underscoring the importance of due diligence in approving applications.

“In recent times, some stones have been thrown in our direction, perhaps implying that we might have to do much longer for approving licenses. On this note, I would like to share that, as usual, it is never in the interest of the regulator to delay applications. We have a very high responsibility to ensure that through every license that we approve, we do not let the wrong persons in. We have to make the test of compliance of the promoters. We have to ensure that the people we are bringing to our jurisdiction are fit and proper, and at the same time, the funds that are coming to our jurisdiction are clean. In this respect, you will appreciate that the closer an application is to its completion, the faster it gets processed. Statistically, we have been able to approve global business licenses within the day. At the shortest time in the recent, perhaps during this year, in January, we had a meeting to improve the fund processing. We have been able to approve one fund in eight working days. In the standard time that we give ourselves, in the maximum of 20 working days of a completed dossier. But, we cannot make the speed of processing our unique selling point, at the expense of policy. However, rest assured that we do ensure that your comments and whatever requests for improvement that you make, we take those comments and work towards improving the processes at all times” highlighted the CEO.

Looking to the future, Mr. Thakoor addressed the upcoming mutual evaluation, stressing the necessity for collective efforts to avoid unfavorable listings. The commitment to international standards is paramount, as it not only safeguards the jurisdiction but also attracts investments.

Acknowledging the invaluable role of licensees as the first protectors of the jurisdiction, Mr. Thakoor emphasised the importance of adherence to regulatory principles. He commended MITCO for its remarkable efforts in maintaining the integrity of the financial ecosystem and issued a call to all licensing commissions to uphold regulatory standards.

As Mr. Thakoor highlighted, the financial regulatory landscape have weathered various storms, including the formidable COVID-19 pandemic and simultaneous inclusion in the grades of the FATF. These challenges were not merely obstacles but opportunities to demonstrate resilience and collaboration, showcasing the ability to work together for the greater good of the jurisdiction.

The CEO shared positive statistics, indicating that the jurisdiction has not only recovered from the pandemic but has surpassed pre-pandemic levels in terms of investments.

Highlighting the significance of technology, Mr. Thakoor introduced the Dynamics and Systems Initiative, underscoring FSC’s commitment to a digital ecosystem. This initiative aims to streamline document submissions, enhance the ease of doing business, and reduce processing delays. The CEO acknowledged the growing role of IT in the sector and expressed optimism about its recognition going forward.

Turning his attention to MITCO’s 30-year journey, Mr. Thakoor commended the company for its significant contributions to the growth and construction of the Mauritius IFC. He acknowledged the challenges of being a trailblazer and celebrated MITCO’s achievement as one of the select few management companies to reach this milestone.

In conclusion, Mr. Thakoor extended his heartfelt congratulations to MITCO, expressing his wishes for many more years of success. The CEO’s address underscored not only the challenges faced and overcome but also the ongoing commitment to innovation, regulatory excellence, and the sustainable development of Mauritius as an international financial hub.

Accroches:

• We cannot make the speed of processing (licenses) our unique selling point, at the expense of policy

• It is never in the interest of the regulator to delay applications