Financial Crime World

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Seychelles Enforces Strict Financial Sanctions Regime

The Seychelles has implemented a comprehensive financial sanctions regime to ensure compliance with United Nations (UN) resolutions and its own autonomous measures. The country’s sanctions regime applies to all individuals, corporate entities, and organizations operating within its borders.

UN Sanctions Implementation

According to sources, the Seychelles implements UN sanctions by virtue of its membership in the global organization. Additionally, it has established its own autonomous sanctions regimes under various laws, including:

  • Prevention of Terrorism Act 2004
  • Anti-Money Laundering and Countering the Financing of Terrorism Act 2020
  • Firearms and Ammunition Act 1973

Measures Imposed by the Sanctions Regime

The most common measures imposed by the Seychelles’ sanctions regime include:

  • Arms embargoes
  • Export controls
  • Asset freezes and financial sanctions on designated individuals and entities
  • Travel bans on named individuals

Licensing and Authorization System

The Seychelles has a licensing or authorization system in place, which is governed by relevant legislation. Individuals and entities can apply to court for the discharge of asset freeze orders.

Breaches and Penalties

Breaches of sanctions are punishable under the laws specified above, but there is no specific legislation that prescribes penalties for UN sanctions breaches.

Regulators Involved in Enforcing Financial Sanctions

Several regulators in the Seychelles play a crucial role in enforcing financial sanctions. These include:

  • Financial Services Authority: Responsible for licensing and supervising non-bank financial services.
    • Address: PO Box 991, Bois de Rose Avenue, Roche Caiman, Victoria, Mahe, Republic of Seychelles
    • Telephone: (+248) 438 08 88
    • Website: http://www.fsaseychelles.sc
  • Seychelles Financial Intelligence Unit: Ensures compliance with anti-money laundering and counter-terrorist financing laws.
    • Address: P. O. Box 7021, Ile Perseverance, Seychelles
    • Telephone: (+248) 438 34 00
    • Fax: (+248) 422 50 02
  • Central Bank of Seychelles: Regulates banking and bureaux de change related services.
    • Address: P. O. Box 701, Independence Avenue, Victoria, Mahé, Seychelles
    • Telephone: (+248) 428 20 00
    • Fax: (+248) 422 61 04
    • Email: enquiries@cbs.sc

Note: This article is intended as a guide only and should not be relied upon as legal advice.