r basant roi : banking in mauritius address by mr r basant roi, governor of the bank of mauritius, at the inauguration of the mahebourg branch of mpcb ltd, 8 july 2004. * * * hon. minister of tourism and leisure chairperson and members of the board of the mpcb ladies and gentlemen good afternoon i am pleased to be here with you all for the opening of the mahebourg branch of the mauritius post and cooperative bank ltd. in the last two years i have been asking chief executives of all the banks operating in mauritius to upgrade the layout of their bank branches to international standards. i am particularly delighted to actually see that the premise housing the mahebourg branch of mpcb ltd. is of the desired standard. having a pleasant looking building is a good thing. the quality of services provided as well as the balance sheet of any bank should match the good setting of the premises. every week i receive numerous complaints from bank customers from across the country. seldom do i come across justified complaints. let me clarify a fundamental point. banking, as we are all aware, involves risk. no banker, anywhere in the world, is absolutely certain that money lent out will be fully repaid in time. the risk of default is ever present. and many borrowers do default - often in an obscene manner. in such circumstances bankers have no other alternative than to take unpleasant actions for the bankers are answerable to their shareholders. never borrow sums of money if your repayment capacity is limited. never borrow sums of money thinking that in the years ahead your own financial standing will somehow improve and along with it your repayment capacity will improve. your financial standing might never improve. the securities you have provided to the bank would be at stake. let not the infectious greed catch you. borrow such sums of money that you are certain to be able to repay in time. already banks have become mindful of risks involved in their lending operations. in the wake of financial liberalization, regulatory and supervisory authorities are requiring banks to give due weight to credit risk, amongst other things, in their operations. less than two weeks ago, the g10 governors of central banks reached a consensus on basel ii that requires banks to exercise far greater discipline in their lending activities. all the banks in mauritius have been requested to adhere to the principles laid down in the accord. gone are the days when one could obtain credit through a mere telephone call to the manager of a bank. let me move on to a

mardayah kona yerukunondu : implementation of targeted financial sanctions speech of mr mardayah kona yerukunondu, first deputy governor of the bank of mauritius, at the workshop on the implementation of targeted financial sanctions, port louis, 20 november 2020. * * * mrs jennifer bairner, counter illicit finance advisor at the british high commission, ladies and gentlemen, i wish you all a very good morning. it is indeed a great pleasure for me to welcome you at the bank of mauritius auditorium for this workshop on implementation of targeted financial sanctions. i must, at the outset, extend our sincere gratitude to the british high commission and the financial intelligence unit for having provided us mrs jennifer bairner, counter illicit finance advisor and mrs anushka radhakissoon - pochun, manager legal of the financial intelligence unit, to partake their experience with us during this workshop. ladies and gentlemen, this workshop forms part of the bank ’ s outreach programme specifically designed to enable licensees to better understand their legal obligations. it also serves as a platform for the bank of mauritius, as the aml / cft regulator for the banking sector, to convey to its licensees its expectations regarding the implementation of their legal obligations. you will, today during the workshop, be provided with guidance to enable you to fulfil, in an effective manner, your obligations under the targeted financial sanctions regime. the united nations has during the past decades imposed a number of sanctions regimes. sanctions, in fact, are important tools in the hands of the international community to promote international peace and security. some of these sanctions regime, however, have been criticised for causing excessive suffering to civilian populations or inflicting economic damage on third states. to address these concerns, the concept of “ targeted sanctions ” was developed. these sanctions are designed to focus on groups of persons responsible for the breaches of peace or threats to international peace and security. the financial action task force ( fatf ) as the global standard setter on aml / cft, has also made it mandatory for countries to implement the targeted financial sanctions regimes to comply with the united nations security council resolutions relating to the prevention and suppression of terrorism and terrorist financing as well as the prevention, suppression and disruption of proliferation of weapon of mass destruction and its financing. the term targeted financial sanctions means both asset freezing and prohibitions to prevent funds or other assets from being made available, directly or indirectly, for the benefit of designated persons and