Financial Sanctions and Embargoes in Seychelles: A Crucial Measure to Maintain International Peace and Security

The United Nations Security Council and other countries have implemented restrictive measures known as financial sanctions and embargoes to achieve specific foreign policy or national security objectives. These sanctions come in various forms, including:

• Designations for Financial Sanctions: targeting specific individuals, entities, or organizations
• Trade Sanctions: restricting the import or export of goods and services
• Immigration Sanctions: limiting travel and residence permits

Implementation in Seychelles

In Seychelles, the Prevention of Terrorism Regulation, 2015 requires Supervisory Authorities to:

• Circulate sanctions lists to entities under their purview for information and action
• Take specific actions upon designation, including:
  • Checking for accounts or funds held by listed entities
  • Freezing such accounts and resources within 24 hours
  • Refraining from dealing with the funds or assets
  • Disclosing details of property or information to the Financial Intelligence Unit (FIU)

Consequences of Non-Compliance

Failure to comply with these regulations is considered an offence, punishable by:

• A fine not exceeding SCR 20,000
• Imprisonment for a term not exceeding two years

The FIU plays a crucial role in monitoring and implementing financial sanctions and embargoes in Seychelles.

Contact Information

For more information or inquiries, please contact:

• Email: [email protected](mailto:[email protected])
• Phone: (248) 4383400
• Address: P. O Box 7021, Ile Perseverance, Mahe, Seychelles

Note

This article is based on the information provided and does not reflect the views or opinions of any individual or organization.