Financial Crime World

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Financial Crime Enforcement Agencies in Seychelles Cracking Down on Illegal Activities

The Financial Services Authority (FSA) in Seychelles has been mandated to regulate and monitor compliance with non-bank financial services businesses, ensuring the integrity of the sector and preventing financial crime. In its pursuit of this goal, the FSA has been taking a tough stance against licensees who engage in illegal activities.

Powers and Responsibilities

The authority has the power to:

  • Conduct compliance inspections
  • Appoint examiners to investigate suspicious transactions
  • Issue directives and directions
  • Suspend or revoke licenses
  • Initiate legal action against offenders

Additionally, the FSA can:

  • Request information and production of records from licensees
  • Issue public statements to alert the public about potential risks

Unauthorized Financial Services Businesses

The FSA has been taking swift action against individuals who operate without proper licenses or registration. This includes:

  • Requesting information
  • Appointing examiners to conduct investigations
  • Issuing public statements
  • Applying for protection orders

Recent Actions and Enforcement

In recent months, the FSA has issued several public statements alerting the public about licensees who have engaged in illegal activities, including money laundering and financing of terrorism. The authority has also:

  • Revoked or suspended licenses from individuals who have failed to comply with regulatory requirements
  • Cracked down on unscrupulous businesses that engage in fraudulent activities, such as providing false information to the authority or refusing to cooperate with inspections

Notable Cases

In one notable case, a business was forced to surrender its license after failing to provide accurate financial records.

Collaboration with Law Enforcement Agencies

As part of its efforts to protect the public and maintain the integrity of the financial sector, the FSA has been working closely with other law enforcement agencies in Seychelles to identify and prosecute individuals who engage in illegal activities. The authority remains committed to ensuring that the country’s financial services sector is a safe and secure environment for both businesses and individuals.