Seychelles Cracks Down on Money Laundering with Strengthened AML/CFT Framework

Enhancing Financial Integrity in Seychelles

In a significant move to combat financial crimes, Seychelles has implemented a robust Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework aimed at ensuring the integrity of its financial sector. The Financial Intelligence Unit is working closely with reporting entities across various sectors to identify and report suspicious financial activities.

Key Requirements for Companies and Associations

• Companies and associations registered under the Registration Act must register domestically onto the Business Owners (BO) platform.
• Offshore entities fall under the responsibility of Corporate Service Providers (CSPs), who must register and provide beneficial ownership information on the foreign beneficial ownership database.

Strengthened AML/CFT Laws

The AML/CFT laws have been strengthened to promote a transparent financial environment. Reporting entities across sectors are required to adhere to strict regulations, including:

• Registering and reporting suspicious financial activities
• Submitting a Business Owners (BO) report to comply with the BO Act of 2020

Benefits of the Framework

The implementation of the AML/CFT framework is expected to have numerous benefits for Seychelles, including:

• Improved transparency in the financial sector
• Reduced risks of financial crimes
• Increased confidence in the country’s financial sector

Conclusion

Seychelles’ strengthened AML/CFT framework aims to prevent and detect money laundering and other financial crimes, safeguarding the country’s reputation as a secure and trustworthy financial hub. As the island nation continues to strengthen its AML/CFT regulations, it is poised to become a leading example of effective anti-money laundering measures in the region.