Title: Seychelles Cracks Down on Corporate Fraud: Insights into Relevant Laws, Offences, and Enforcement Agencies
Regulatory Provisions and Offences
Amidst growing concerns over corporate fraud in the Seychelles, this media article sheds light on the regulatory provisions, offences, and enforcement agencies involved in combating such illicit activities.
- Relevant Legislation: Corporate fraud is addressed by several laws in the Seychelles, including the International Business Companies Act 2016, Financial Services Authority Act 2013, Companies Ordinance Act 1972, Securities Act 2007, Anti-Corruption Act 2016, Penal Code, and Prevention of Terrorism Act 2004.
- Specific Offences: Relevant offences within these legislations involve money laundering, financing terrorism, misuse of information, offences involving dishonesty, defrauding creditors, acting fraudulently or in bad faith, breach of trust, providing false statements, and conspiracy to defraud.
Enforcing Agencies and Their Powers
- Primary Agencies: In the Seychelles, primary agencies with powers to investigate and prosecute corporate fraud include the Company Executive Office (CEO) or an officer of the Anti-Corruption Commission, Police, Financial Intelligence Unit (FIU), and Financial Services Authority (FSA). The Seychelles Court is also involved in handling legal proceedings.
- Prosecution and Authorities: Prosecution powers lie with the Attorney General, as outlined by the Anti-Corruption Act 2016. The FSA can also revoke licenses for non-compliance.
- Investigation and Evidence: Interview and search powers extend to the police and related authorities, while the FIU and anti-money laundering authorities can investigate and freeze the funds of fraudsters through searches. The Commission can search premises and seize relevant evidence under the Anti-Corruption Act. Evidence can be obtained by the court as part of the investigation.
Powers and Procedures
- Arrest and Detainment: The police and associated authorities can arrest individuals suspected of corporate fraud after receiving permission from the CEO or an officer of the Anti-Corruption Commission. Detainees must appear before a magistrate or judge within 24 hours.
- Court Orders and Injunctions: Court orders and injunctions can be issued by the court to further aid investigations.
Understanding the role of various authorities involved in investigating and prosecuting corporate fraud in the Seychelles can encourage a more informed and vigilant business environment, minimizing the risk of such illicit activities.