The Financial Services Commission, Mauritius ("FSC") and the Qatar Financial Centre Regulatory Authority ("QFCRA") have recently entered into a Memorandum of Understanding ("MoU"). The MoU was signed by Mr Dhanesswurnath Thakoor, Chief Executive of the FSC and Mr Michael G. Ryan, Chief Executive Officer of the QFCRA.
The MoU establishes a mechanism for mutual assistance and facilitating exchange of information between both regulatory authorities. This MoU will also contribute to promote the integrity, efficiency and financial soundness of financial institutions by improving supervision of cross-border transactions, enhancing regulation and preventing fraudulent practices in the Mauritius International Financial Centre and the Qatar Financial Centre.
Commenting on this signature, the Chief Executive of the FSC, Mr Dhanesswurnath Thakoor, stated that: "This initiative is in line with the FSC's commitment to engage more actively with its international regulatory counterparts to reinforce financial supervision thereby ensuring the good repute of our International Financial Centre. This will further enable the FSC to collaborate with the QFCRA across key fields".
Michael G. Ryan, Chief Executive Officer at the QFCRA welcomed the MoU saying "The MoU paves the way for a framework of cooperation in a number of areas, including cooperation on information exchange between the QFCRA and the FSC. The continuous interconnectedness of the financial services ecosystem requires swift cooperation between regulators, and the QFCRA is pleased to add Mauritius to the list of jurisdictions that we have entered into an MoU with."
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