Seychelles Achieves Significant Progress in Combating Money Laundering, Enhances Financial Transparency

In a major development, Seychelles has made significant strides in addressing technical compliance shortcomings identified by financial regulators, leading to improved ratings on several money laundering prevention techniques. The jurisdiction has successfully addressed deficiencies and upgraded its performance in key areas.

Improved Ratings and Recommendations

According to revised ratings, Recommendation 2, which was initially rated “Partially Compliant”, has been re-rated as “Largely Compliant”. Similarly, Recommendations 7, 16, 35, 37, 38, and 39 have also seen significant improvements, with all being re-rated as “Largely Compliant”.

Commitment to Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Measures

These enhancements demonstrate Seychelles’ commitment to improving its AML and CFT measures. The jurisdiction will continue to work closely with the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) to ensure ongoing progress and implementation of AML/CFT measures.

Ongoing Progress and Implementation

Seychelles will remain under enhanced follow-up, with regular updates provided to ESAAMLG on its efforts to maintain financial transparency and prevent money laundering. These developments are a testament to the jurisdiction’s dedication to upholding international standards in combating financial crime.