Africa-Press – Mauritius. The logo and website of the Regional Centre of Excellence (RCE) of the Financial Services Commission Mauritius (FSC), were unveiled, today, at Maritim Resort & Spa Mauritius Ltd, in Balaclava, with the objectives of setting out the brand identity of the Centre in Mauritius and Africa so as to be more visible to stakeholders, and of enabling an easy access to information, including on different events and workshops organised.
The Minister of Finance, Economic Planning and Development, Dr Renganaden Padayachy; the Minister of Financial Services and Good Governance, Mr Mahen Kumar Seeruttun; the Governor of the Bank of Mauritius and Chairperson of RCE Governing Board, Mr Harvesh Seegolam; and other eminent personalities were present at the event.
The OECD Director for Finance and Enterprise Affairs, Mr Carmine Di Noia, addressed the audience via videoconference. In his keynote speech, the Finance Minister, at the outset, affirmed that the extension of the MoU until September 2025 was testimony to the deepening collaboration between Mauritius and the OECD.
He informed that since its inception three years ago, the RCE had conducted nine workshops for participants from 70 countries, despite the COVID-19 pandemic and its impacts.
Moreover, Dr Padayachy stated that the RCE Governing Board was presently working with the OECD on phase two of the cooperation programme regarding the Centre of Excellence.
“This,” he indicated, “is part of the wider efforts of the Mauritian Government to partake more in the activities of the OECD and to bolster this specific priority cooperation area.
” According to the Minister, Mauritius would surely benefit from its growing sustainable involvement with the OECD.
He thus reiterated the commitment of Mauritius to endeavour, in the medium term, to be a permanent member of the OECD, by enhancing its attractiveness as a renowned financial centre and as an investment platform in the region.
As for Minister Seeruttun, he thanked the OECD for the continued support, cooperation, trust and confidence placed in the country’s ability to host and drive the Centre of Excellence.
He underlined that the cooperation with the OECD over decades significantly helped Mauritius shape effective policies, from standard setting, exchange of information, forums for cooperation to capacity building and social well-being for the population, as well as in its most vulnerable economic challenges.
The Financial Services Minister was of the view that the Centre had enabled local institutions and their people to adapt to the new paradigm of the never-ending innovation and challenges in the banking and non-banking financial services sector by providing the right mix of training, information and knowledge transfer for a more effective performance.
He added that the RCE had given furtherance to the recommendations of the Mauritius International Financial Centre (IFC) Blueprint 2030, devised by the Ministry of Financial Services and Good Governance in collaboration with the FSC, by raising training standards, addressing emerging skill gaps and aligning training and research with industry needs.
While the Governor of the Bank of Mauritius called on central banks, financial services regulators and law enforcement agencies in the region to join the RCE initiative, Mr Carmine Di Noia, for his part, talked of the outcome of the 2022 Meeting of the OECD Council at the Ministerial Level, held in June 2022, regarding the partnership with Africa.
He thus dwelt on the OECD’s proposal for a partnership based on trust, mutual understanding, shared benefits, common interests and enhanced co-operation, on an equal footing, with a view to cater to the African continent’s needs and address mutually agreed priorities.
It is recalled that the RCE was set up in March 2019 following an announcement in Budget 2018-2019 that the FSC, in collaboration with the OECD, would host a regional centre for capacity building and best practices in the mutual combat against financial malpractices. A Memorandum of Understanding (MoU), to that effect, was signed in September 2018.
The role of the RCE is, among others, to deliver capacity-building programmes aimed at, primarily, financial services regulators and law enforcement agencies from the Southern and Eastern African Regions, to conduct research on topical areas relevant to financial services and malpractices for the regional market, and to advise on minimum standards that need to be introduced at regional level.