Financial Crime Prevention Strategies in Seychelles Yield Promising Results

Seychelles has made significant strides in addressing technical compliance shortcomings identified by international financial crime prevention experts. The country’s efforts have resulted in revised ratings for seven key recommendations aimed at preventing money laundering and combating the financing of terrorism (AML/CFT).

Progress Made in AML/CFT Measures

According to sources, Seychelles’ AML/CFT measures have been upgraded following a thorough review by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG). Specifically:

• Recommendations 2, 16, 35, 37, 38, and 39 were initially rated as partially compliant but have now been re-rated as largely compliant.
• Recommendation 7 was previously non-compliant but has improved to partially compliant.

Enhanced Follow-up and Commitment to Transparency

Despite this progress, Seychelles will continue to be subject to enhanced follow-up by the ESAAMLG to ensure that its AML/CFT measures remain effective and up-to-date. The country’s commitment to transparency and cooperation with international partners is expected to continue as it works towards maintaining a robust financial system that safeguards against illicit activities.

Experts’ Views on Seychelles’ Success

Experts say Seychelles’ success in improving its AML/CFT framework underscores the importance of sustained efforts to combat financial crime, adding that the country’s progress serves as an inspiration to other nations in the region.