Financial Crime World

Seychelles Strengthening Fight Against Money Laundering and Terror Financing

Efforts to Combat Financial Crimes Intensify in Seychelles

The Seychelles government has taken a significant step in its fight against money laundering and terrorist financing by strengthening the country’s anti-money laundering regime. The amended Anti-Money Laundering Act 2022 aims to combat these financial crimes and ensure that Seychelles remains a safe haven for international financial transactions.

Key Provisions of the Amended Act

  • A person who disposes or realizes property for the benefit of another person, or arranges to do so, commits an offence.
  • Reporting entities are required to retain details and report cash transactions and wire transfers above a certain threshold to the Financial Intelligence Unit (FIU).
  • The FIU will be responsible for receiving and analyzing financial intelligence to combat money laundering and terrorist financing.

Establishment of Key Entities

  • Financial Intelligence Unit (FIU): A body corporate established under the Act, responsible for receiving and analyzing financial intelligence to combat money laundering and terrorist financing.
  • Anti-Money Laundering Committee: Composed of representatives from various sectors, including financial institutions, law enforcement, and regulatory bodies. The committee will oversee the implementation of policies and measures to combat money laundering and terrorist financing in Seychelles.
  • Technical Committee: Consisting of experts from various fields, including finance, law, and technology. The technical committee will assist the Anti-Money Laundering Committee in performing its functions.

Quotes from Key Officials

“We are committed to strengthening our anti-money laundering regime to ensure that Seychelles remains a safe haven for international financial transactions.” - [Name], Minister of Finance

“We believe that the establishment of the FIU will greatly enhance our ability to detect and prevent money laundering and terrorist financing.” - [Name], Director General of the Financial Intelligence Unit

Effective Date and Impact

The amended Act comes into effect on [Date] and is expected to have a significant impact on Seychelles’ efforts to combat money laundering and terrorist financing. The government’s commitment to strengthening its anti-money laundering regime demonstrates its determination to protect the country’s financial system from these illicit activities.