Financial Crime World

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Seychelles Eyes Improvement in Financial Market Integrity with World Bank Assistance

A team from the World Bank Group has collaborated with Seychelles authorities to conduct a comprehensive review of money laundering and terrorism financing risks in the country, known as its second National Risk Assessment (NRA). The assessment aims to identify primary threats and vulnerabilities, enabling the authorities to fine-tune their strategy and mitigation measures to meet international standards.

Overview

Led by the Ministry of Finance, National Planning and Trade and the Central Bank of Seychelles, the NRA working group is utilizing a self-assessment tool developed by the World Bank Group. The assessment process involves government officials and private sector representatives, with the World Bank providing training and guidance to ensure effective use of the tool.

Objectives

The 15-month long assessment aims to:

  • Allocate resources more efficiently in the fight against money laundering and terrorism financing
  • Facilitate collaboration between government agencies and the private sector responsible for anti-money laundering and counter-terrorism efforts

Methodology

The assessment is organized around the identification of main money laundering and terrorism financing risks through an Excel-based tool developed by the World Bank, examining the:

  • Regulatory environment
  • Institutional framework
  • Economic environment within the country

The tool also assesses vulnerabilities in a country’s defenses against money laundering/terrorist financing.

Benefits

Seychelles’ participation in the program demonstrates its commitment to maintaining financial market integrity and upholding international standards. With the World Bank’s support, the country aims to develop its own capacity to undertake future risk assessments with minimal external assistance, ensuring a durable mechanism for addressing ongoing risks.

Global Context

Almost all countries have completed or initiated their national ML/TF risk assessments (NRAs) over the past decade, with many receiving technical support from the World Bank and International Monetary Fund.