Seychelles Makes Significant Progress in Compliance with Anti-Money Laundering Policies

According to a recent report, Seychelles has made significant progress in addressing technical compliance shortcomings identified in its Mutual Evaluation Report (MER). As a result, the jurisdiction’s ratings for seven recommendations have been revised.

Progress Made

Seychelles has taken steps to rectify deficiencies and several key recommendations are now rated as largely compliant. The following recommendations have been upgraded:

• Recommendation 2: Initially marked as partially compliant, it is now largely compliant.
• Recommendation 7: Previously non-compliant, it is now partially compliant.
• Recommendations 16, 35, 37, 38, and 39: Initially rated partially compliant, they are now largely compliant.

Enhanced Follow-up

Despite this progress, Seychelles will remain under enhanced follow-up by the global anti-money laundering and counter-terrorism financing watchdog, the Egmont Group. The jurisdiction will continue to provide regular updates on its efforts to strengthen and implement its anti-money laundering and combating the financing of terrorism (AML/CFT) measures.

Positive Development

This development is a positive step forward for Seychelles in its efforts to ensure the integrity of its financial system and maintain confidence with international partners.