Sanctions and Embargoes in Seychelles: A Comprehensive Overview
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The Republic of Seychelles, an archipelago off the coast of East Africa, has a sanctions regime in place to comply with United Nations (UN) resolutions and implement autonomous measures to prevent terrorism financing and money laundering. This article provides an overview of the nature of these sanctions, the regulatory bodies responsible for their implementation, and the consequences of breaching them.
UN Sanctions
The Seychelles must adhere to UN sanctions, which apply to any person in the country, citizen or corporate entity operating within its territory, or incorporated under its laws. As a member of the UN, Seychelles implements all Security Council resolutions, including those related to terrorism, arms trade, and financial sanctions.
Autonomous Sanctions Regime
In addition to UN sanctions, the Seychelles has an autonomous sanctions regime under three pieces of legislation:
- Prevention of Terrorism Act 2004
- Anti-Money Laundering and Countering the Financing of Terrorism Act 2020
- Firearms and Ammunition Act 1973
These laws impose various measures, including:
- Arms embargoes
- Export controls
- Asset freezes
- Financial sanctions on designated individuals and entities
- Travel bans
Regulatory Bodies
The following regulatory bodies are responsible for implementing the sanctions regime in Seychelles:
- Financial Services Authority (FSA): maintains an updated list of UN-sanctioned individuals and entities, provides licensing and authorization systems for non-bank financial services, and ensures compliance with anti-money laundering and counter-terrorism financing laws.
- Seychelles Financial Intelligence Unit: ensures compliance with anti-money laundering and counter-terrorism financing laws.
- Central Bank of Seychelles: regulates banking and bureaux de change related services, licenses, supervises, and develops the financial sector.
Consequences of Non-Compliance
In the event of a breach of sanctions, there are penalties prescribed under the relevant legislation. The consequences of non-compliance can be severe, with:
- Fines
- Criminal charges possible
Contact Information
The contact details for the regulatory bodies in Seychelles are available online.
Conclusion
In conclusion, the Seychelles has a comprehensive sanctions regime in place to prevent terrorism financing, money laundering, and other illegal activities. Understanding these regulations is crucial for individuals and entities operating within the country’s financial sector.