FTC and SRC formalizes working relationship by signing MoU
June 17, 2021
The Fair Trading Commission (FTC) and the Seychelles Revenue Commission (SRC) has today signed a Memorandum of Understanding (MoU) to formalize their collaborative working relationship.
The signing ceremony of the MoU was held this morning (Thursday 17th June 2021) at Liberty House.
The signing of the agreement today, follows an initiative which FTC started in 2020, to develop a joint task force, which included the following Authorities (Seychelles Revenue Commission, Public Health Authority, Seychelles Bureau of Standards and Seychelles Licensing Authority) for robust inspection and surveillance to address market failures more effectively.
The MoU establishes a general framework for effective cooperation, prevent duplication, share information, conduct joint enforcement and build capacity in the areas of Consumer Protection, Fair Competition and Market Surveillance.
The expected benefits are:
- combat unfair trade practices through information and intelligence exchanges and joint enforcement action,
- mutually develop protocols as annexes to this MOU to combat importation of goods which fail to comply with requirements of the Consumer Protection Act, 2010 be it in terms of language on labels or safety standards,
- meet formally on a regular basis to inform and consult on current and upcoming activities, identifying opportunities to enhance distribution of information in business and consumer advocacy materials intended for the public and,
- consider and implement appropriate opportunities for collaboration in training and staff development.
The MoU was signed by the Commissioner General of SRC, Mrs. Veronique Herminie and the CEO of FTC, Mr. Francis Lebon.
The Commissioner General stated that “the collaboration between SRC and FTC is crucial in the country’s efforts to ensure compliance especially for retailers and importers as part of the necessary surveillance to guarantee consumer protection. The Covid situation has impacted on our joint inspections but the related work at the border is being intensified.”
The CEO of FTC says his organisation “sees the MoU as a necessary platform and tool to reinforce our collaboration in the enforcement of consumer and competition laws in the country.”
It is expected that this collaboration between FTC and SRC will reinforce the visibility of both institutions and improve on non-compliance in general for the benefit of local consumers.
Witnessing the signing of the MoU was the Principal Secretary for Trade, Ms. Cillia Mangroo, as well as representatives from SRC.
