The Banking Act of Maurutius
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The Banking Act 2004
Introduction
The Banking Act 2004 is a modern piece of legislation which regulates the banking and non-banking business in Mauritius. It enshrines banking confidentiality and provides that requests for information would have to be authorized by a Judge of the Supreme Court. The Banking Act is also an act to amend and consolidate the laws relating to banking, to regulate institutions which carry on banking business and to provide for other related matters.
This Act has been assent by SIR ANEROOD JUGNAUTH, then, The President of the Republic of Mauritius on the 12th October 2004.
The Act contains 13 parts and 105 sections.
The Banking Act shall be administered by the Bank of Mauritius.
Proclamation of the Act
By virtue of Proclamation No.39 of 2004 as published in the Government Gazette of 6 November 2004, sections 1,2 and 3(1) of PART I, sections 4 to 11, 12(1) to (4) and (6), 13 to 17, 18(1),(2) and (5) to (10) and 19 of PART II, PART III to PART VIII and PART XII and sections 93 to 104 of PART XIII of the Banking Act 2004 have come into operation on 10 November 2004. By virtue of Proclamation No. 6 of 2007 as published in the Government Gazette of 31 May 2007, sections 3(3) of Part I and 12(5) of Part II, Parts IX to XI of the Banking Act 2004 have come into operation on 1 June 2007. By virtue of Proclamation No. 12 of 2008 as published in the Government Gazette of 13 September 2008, section 18(3) and (4) of the Banking Act 2004 has come into operation on 15 September 2008.
Section 3(2) of Part I of the Banking Act 2004 has not yet been proclaimed.
Background
In the late 1980’s and early 1990’s, the Mauritian financial sector was marked by the process of financial liberalization. Liberalization and market deregulation was important in order to develop and modernize the financial services sector and at the same time attempting to position Mauritius as a regional Financial Centre. Market reforms were necessary for...
Introduction
The Banking Act 2004 is a modern piece of legislation which regulates the banking and non-banking business in Mauritius. It enshrines banking confidentiality and provides that requests for information would have to be authorized by a Judge of the Supreme Court. The Banking Act is also an act to amend and consolidate the laws relating to banking, to regulate institutions which carry on banking business and to provide for other related matters.
This Act has been assent by SIR ANEROOD JUGNAUTH, then, The President of the Republic of Mauritius on the 12th October 2004.
The Act contains 13 parts and 105 sections.
The Banking Act shall be administered by the Bank of Mauritius.
Proclamation of the Act
By virtue of Proclamation No.39 of 2004 as published in the Government Gazette of 6 November 2004, sections 1,2 and 3(1) of PART I, sections 4 to 11, 12(1) to (4) and (6), 13 to 17, 18(1),(2) and (5) to (10) and 19 of PART II, PART III to PART VIII and PART XII and sections 93 to 104 of PART XIII of the Banking Act 2004 have come into operation on 10 November 2004. By virtue of Proclamation No. 6 of 2007 as published in the Government Gazette of 31 May 2007, sections 3(3) of Part I and 12(5) of Part II, Parts IX to XI of the Banking Act 2004 have come into operation on 1 June 2007. By virtue of Proclamation No. 12 of 2008 as published in the Government Gazette of 13 September 2008, section 18(3) and (4) of the Banking Act 2004 has come into operation on 15 September 2008.
Section 3(2) of Part I of the Banking Act 2004 has not yet been proclaimed.
Background
In the late 1980’s and early 1990’s, the Mauritian financial sector was marked by the process of financial liberalization. Liberalization and market deregulation was important in order to develop and modernize the financial services sector and at the same time attempting to position Mauritius as a regional Financial Centre. Market reforms were necessary for...