The Finance Bill was passed in the National Assembly with minor amendments address the concerns of the opposition. Other concerns were swept with a wave of the hand by the Finance Minister Xavier-Luc Duval.
One of the members of the opposition expressed its concerns regarding the Finance Bill is Reza Uteem. It was in relation to amendments to the Bank of Mauritius Act and the Banking Act .One of the proposed amendments to the Bank of Mauritius (BoM) Act will now allow this institution to issue permits lenders. Previously, this required the approval of a judge.
According to the MP, the amendments to the Bank of Mauritius Act would eliminate provisions of the Moneylenders Act concerning licensing without replacing them in their entirety. Reza Uteem also discussed the risks associated with a further amendment of the BoM Act, which aims to enable the institution to share with other public institutions of confidential data collected by theCredit Information Bureau . It is, he says, important to prepare for any eventuality, even the misuse of data by regulatory institutions.
Reza Uteem considers that certain measures proposed in the amendments to the Banking Act , which were not part of the budget, could have serious consequences on the very stability of our financial system. He added that the involvement of banks in procurement operations, sales and management of assets, according to criteria set by the Bank of Mauritius, could lead to a situation similar to that which caused the Credit Crunch States States.
In addition, the MP commended the decision of the Minister of Finance to withdraw the proposed amendments to the Financial Intelligence and Anti Money Laundering Act , which would, according to him, gave a very bad signal to operators in the financial sector.