The Financial Services Commission of Mauritius (“FSC”) has released a communiqué on 11 April 2023 regarding its participation in the Global Financial Innovation Network’s (GFIN)’s first ever Greenwashing TechSprint, along with 13 other international regulators.

GFIN is a group of over 80 international organizations, committed to supporting financial innovation in the interest of consumers. As a participating member, the FSC is asking businesses from Mauritius and other African nations to take part in the Greenwashing TechSprint. This will enable international regulators, firms and innovators to address sustainable finance as a top priority. The aim of the TechSprint will be to develop a tool or solution that can help regulators and the market effectively tackle the risks of greenwashing in financial services.

There is an ever-growing number of investment products marketed as ‘green’ or making wider sustainability claims. Exaggerated, misleading or unsubstantiated claims about Environmental, Social and Governance (ESG) credentials damage confidence in these products and the FSC wants to ensure that consumers and firms can trust that products have the sustainability characteristics they claim to have.

Click on the following link to find more information on the event HERE.