Bank of Mauritius: New Unit to Fight Against Financial Crime

This unit, called the MI Cell, aims to collect information on financial fraud, scams and other fraudulent plans. These financial crimes undermine the credibility of the financial system and may affect the stability of the sector.

The implementation of the Economic and Financial Measures (Miscellaneous Provisions) Act 2013 gives new responsibilities to the Bank of Mauritius, including conducting surveys or investigations and take action to stop illegal, dishonorable and improper practices.

For some time now, the 'scams', fraud and other financial scandals began to grow, talk of the town. The Financial Services Commission has monitored the situation and acted promptly. The central bank also acts in cases of market abuse and violations of banking laws.

The central bank says in the statement that " the MI Cell is presently developing a monitoring mechanism to gather market intelligence and other sensitive information to assist it in its task".

And added, " the Bank strongly believes that, as a supervisory authority, it must join forces with other supervisory and law enforcement agencies as well as members of the public to preserve the integrity and soundness of the financial sector."

Therefore, the MI Cell will work hard to collaborate with other authorities. The Bank invites the general public to cooperate in the fight against financial crime in Mauritius so that the MI Cell can act quickly.

To this end, the public may address emails micell@bom.mu to share information relating to financial crimes with the central bank. The Central Bank said that discretion is appropriate.