Seychelles Strengthens Anti-Money Laundering and Combating Financing of Terrorism Regulations

The United States has recently implemented several regulations aimed at combating money laundering and terrorist financing in Seychelles, a small island nation off the coast of East Africa. The Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Act 2020 was passed, followed by several amendments in subsequent years.

Key Developments

• 2020: Statutory Instruments Issued
  • SI 108 outlined the Anti-Money Laundering Regulations
  • SI 139 introduced the AML CFT Regulations 2020 with its First Amendment
  • SI 156 made further changes to the regulations
• These instruments aimed to strengthen Seychelles’ financial sector’s ability to detect and prevent money laundering and terrorist financing

Amendments and Updates

• 2021: AML CFT Act Amended
  • The act was amended to enhance the country’s AML/CFT regime and bring it in line with international standards
  • Second Amendment to the same act was published in 2021
• 2022: Recent Updates
  • SI 6 introduced the AML CFT (Amendment) Regulations
  • SI 7 outlined the AML CFT (National Risk Assessment) Regulations
  • SI 8 introduced the AML CFT (Counter-measures) Regulations
  • SI 11 established the AML CFT (Cross Border Declaration) Regulations

Consolidated Act and Implementation

• Consolidated AML CFT Act 2020 to 19th May 2022
  • Published, providing a comprehensive overview of all changes made to the act since its inception
• The implementation of these regulations demonstrates Seychelles’ commitment to combating money laundering and terrorist financing and maintaining good relations with international partners.