The Bank of Mauritius has set up a dedicated unit, the Market Intelligence Cell (MI Cell), to fight financial crime, a PANA correspondent reported from the Mauritian capital.
In a communiqué issued Tuesday in Port-Louis, a copy of which was received by PANA, the Bank said the cell will collect information on financial frauds and scams as well as other emerging fraudulent practices that could threaten the stability of the financial sector of the island.
“The MI Cell is currently developing a monitoring mechanism to gather market intelligence and other sensitive information to assist it in its task,” it said.
The communiqué recalled that the Bank of Mauritius is mandated to carry out investigations and take measures to suppress illegal, dishonourable and improper practices, market abuse and any potential breach of the banking laws.
The Bank said it 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 of the financial sector.