Amendments to the Criminal Code are considered for this purpose. In a second step, the government will conduct a series of legal amendments. These are among the provisions of the next Finance Bill to be debated in the National Assembly soon. The first objective is to grant more powers to the Bank of Mauritius will be authorized to issue licenses to all Money Lenders and Credit Unions managing funds beyond a specific threshold.
Expanded the regulatory powers
The Bank of Mauritius will also be strengthened her to be able to call in its local authorities, and interrogate anyone suspected of being engaged in banking activities without a license. The Central Bank may also issue Warning Alerts to inform the public about companies that could take deposits illegally, then they do not hold a license. The Banking Act will also be amended to add the definition of Banking Business for issuance and acceptance of checks, among others. In addition, the Bank of Mauritius will go even further and have access to data held electronically in computers of financial institutions to prevent tampering (tampering) data or discourage attempts to hide sensitive information.
In addition, the Financial Services Commission will not be outdone. It will also see increased powers. Thus, it will now investigate possible breaches of the law, for any individual, that is to say not only its Inc. licensed, but also any person engaging in financial activities without a license.
The Government is also considering amendments to the Banking Act. Thus, the Duty of Confidentiality imposed under section 64 of that Act does not apply in cases where information may be requested by the Central Bank with the aim of helping the FSC to carry out its task.