Financial Crime World

Seychelles Tackles Terrorism Financing with Robust Anti-Money Laundering Laws

In a bid to safeguard its financial sector from illicit activities, Seychelles has implemented a stringent anti-money laundering and countering the financing of terrorism (AML/CFT) framework. This move is aimed at identifying and preventing suspicious financial transactions, ensuring transparency and integrity in the country’s financial dealings.

Implementing AML/CFT Laws

The Financial Intelligence Unit (FIU) works closely with reporting entities from various sectors to identify and report suspicious activities. Through rigorous enforcement, the FIU ensures that all entities comply with AML/CFT laws, thereby promoting a transparent financial environment.

  • Companies and associations registered under the Registration Act are required to register domestically onto the Business Operations (BO) platform.
  • Offshore entities must be registered by Corporate Service Providers (CSPs) and provide their beneficial ownership information on the foreign beneficial ownership database.

The BO Act of 2020

The BO Act of 2020 requires all companies, associations, and partnerships to register and submit a beneficial ownership report. This compliance is essential for ensuring that Seychelles’ financial sector remains free from illicit activities and that the country’s reputation as a responsible international financial center is maintained.

Benefits of AML/CFT Framework

By implementing this robust AML/CFT framework, Seychelles is demonstrating its commitment to combating terrorism financing and money laundering, thereby protecting its citizens, businesses, and the global financial system. The move also reinforces the country’s position as a responsible player in the international community, committed to upholding high standards of transparency and integrity in its financial dealings.

By strengthening its AML/CFT laws, Seychelles is taking a proactive approach to ensuring that its financial sector remains secure and trustworthy, ultimately benefiting both domestic and international stakeholders.