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Seychelles Remains Under Enhanced Follow-up as Progress Made in Combating Financial Crime

The Seychelles has made significant strides in addressing technical compliance shortcomings identified by international authorities, according to a recent review. The country’s anti-money laundering and combating the financing of terrorism (AML/CFT) measures have been upgraded in several key areas.

Improved AML/CFT Measures

Recommendations 1, 26, and 29 were re-rated to “C”, “L”, and “L” respectively, indicating significant progress in addressing technical compliance shortcomings. However, Seychelles will continue to be monitored closely under enhanced follow-up, a status that indicates the country still requires close attention from international regulators.

Enhanced Follow-up Status

The Financial Action Task Force (FATF) and the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) have been kept informed of the country’s progress in improving its AML/CFT measures. This enhanced follow-up status ensures that the country remains under close scrutiny, allowing international regulators to monitor its progress closely.

Strengthened Financial Crime Prevention Framework

The Seychelles’ efforts to strengthen its financial crime prevention framework are seen as a positive step towards reducing the risk of financial crime and maintaining international cooperation. The country’s authorities will continue to work closely with regional and global partners to ensure that its AML/CFT systems remain robust and effective.

Key Takeaways

• Seychelles has made significant progress in addressing technical compliance shortcomings.
• Recommendations 1, 26, and 29 were re-rated to “C”, “L”, and “L” respectively.
• The country will continue to be monitored closely under enhanced follow-up status.
• Seychelles’ efforts to strengthen its financial crime prevention framework are seen as a positive step towards reducing the risk of financial crime.