Financial Crime World

Seychelles Takes Steps to Ensure Financial Market Integrity through Strong AML/CFT Framework

Seychelles has implemented a robust Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework to strengthen the integrity of its financial sector. The initiative aims to identify and prevent suspicious financial activities, ensuring transparency in the country’s financial environment.

Financial Intelligence Unit: The Backbone of AML/CFT Efforts

The Financial Intelligence Unit works closely with reporting entities from various sectors to detect and report suspicious transactions. Through rigorous enforcement, the unit ensures full compliance with AML/CFT laws, thereby safeguarding the country’s financial system.

Registration Requirements for Companies and Associations

  • Companies and associations registered under the Registration Act must register domestically onto the Business Operators platform.
  • Offshore entities are responsible for registering with Corporate Service Providers (CSPs) to provide their beneficial ownership information on the foreign beneficial ownership database.

Beneficial Ownership Reporting: A Key Requirement

To comply with the BO Act of 2020, companies, associations, or partnerships are required to register and submit a beneficial ownership report. This move is crucial in preventing financial crimes and maintaining Seychelles’ reputation as a trustworthy financial hub.

Benefits of a Strong AML/CFT Framework

The implementation of a strong AML/CFT framework in Seychelles has several key benefits, including:

  • Identification and Prevention of Suspicious Financial Activities: The framework enables the detection and prevention of suspicious transactions, ensuring transparency in the country’s financial environment.
  • Adherence to AML/CFT Laws: Reporting entities across sectors are required to adhere to AML/CFT laws, promoting a culture of compliance within the financial sector.
  • Promoting a Transparent Financial Environment: The initiative promotes a transparent financial environment, enhancing Seychelles’ reputation as a responsible global player in the financial sector.

By implementing this strong AML/CFT framework, Seychelles is taking significant steps towards ensuring the integrity of its financial market and maintaining its position as a trustworthy financial hub.