Financial Corruption Scandal Rocks Seychelles: Country Makes Progress in Resolving Technical Shortcomings

Seychelles has made significant progress in addressing technical compliance shortcomings related to anti-money laundering and combating the financing of terrorism (AML/CFT) measures. This development comes as part of an ongoing effort by the country to strengthen its AML/CFT regulations.

Key Recommendations Revised

Following a comprehensive review, several key recommendations have been revised. Specifically:

• Recommendations 2, 7, 16, 35, 37, 38, and 39 were initially rated as partially or non-compliant but have since been re-rated as largely compliant.
• These revisions demonstrate Seychelles’ commitment to improving its AML/CFT measures.

Enhanced Follow-up

While this development is seen as a positive step forward, Seychelles will remain under enhanced follow-up to ensure continued progress in implementing its AML/CFT measures. The country has committed to regularly inform the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) of its advancements.

Growing Concerns over Financial Corruption

The news comes amid growing concerns over financial corruption in Seychelles, with many calling for increased transparency and accountability in the country’s financial sector. The government has taken steps to address these concerns, including revisions to key recommendations and enhanced follow-up measures.

Conclusion

Seychelles’ progress in addressing technical compliance shortcomings is a positive step forward in its efforts to combat financial corruption. While there is still work to be done, the country’s commitment to transparency and accountability is a promising sign for the future.