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Seychelles Makes Progress in Combating Money Laundering and Terrorist Financing

June 5, 2023

The Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) has released its follow-up report on Seychelles’ progress in strengthening measures to combat money laundering and terrorist financing.

Significant Progress Made

The report found that Seychelles has made significant progress in addressing the technical compliance deficiencies identified in its 2018 Mutual Evaluation. Specifically:

• Five recommendations have been upgraded, with Recommendation 19 now rated as Compliant.
• Recommendations 5, 25, 28, and 34 are now Largely Compliant.

Remaining Deficiencies

Despite this progress, Seychelles will remain under enhanced follow-up due to some remaining deficiencies. However, the country’s efforts are a positive step towards effectively implementing anti-money laundering and counter-terrorist financing measures.

Commitment to Improvement

“The ESAAMLG Follow-Up Report highlights Seychelles’ efforts to strengthen its AML/CFT regime,” said an official from the Financial Intelligence Unit of Seychelles. “We are committed to continuing our work to prevent criminal abuse of the financial system and protect our economy.”

Global Standard

The FATF Recommendations, which provide a global standard for combating money laundering, terrorist financing, and the financing of proliferation, were taken into account in assessing Seychelles’ progress.

Ongoing Efforts

Seychelles has made significant strides in recent years to improve its AML/CFT regime. The country’s efforts to address technical compliance deficiencies have been recognized by ESAAMLG, and it is expected to continue making progress in the future.

Accessing the Report

The full ESAAMLG Follow-Up Report on Seychelles can be downloaded from the ESAAMLG website.