Financial Crime World

Seychelles Tackles Terrorism Financing with Strengthened Laws and Committee

In an effort to bolster its fight against money laundering and terrorism financing, the Seychelles government has established the National Anti-Money Laundering and Countering the Financing of Terrorism Committee (NAC) in February 2019.

The National Anti-Money Laundering and Countering the Financing of Terrorism Committee

Chaired by the Secretary of State for Finance, this high-level committee brings together heads of 11 critical public bodies to advise on effective policies to combat financial crimes. The members of the NAC include:

  • Secretary of State for Finance
  • Director of the Financial Intelligence Unit (FIU)
  • Governor of the Central Bank
  • CEO of the Financial Services Authority (FSA)
  • Attorney General
  • Registrar General
  • CEO of the Anti-Corruption Commission Seychelles (ACCS)
  • Commissioner of the Seychelles Police Force

The Roles and Responsibilities

Financial Intelligence Unit (FIU)

  • Serves as the national centre for receiving and analyzing suspicious transaction reports
  • Disseminates results to relevant authorities
  • Acts as the secretariat for the NAC

Central Bank Governor

  • Responsible for fiscal stability
  • Supervises most financial institutions

Financial Services Authority (FSA)

  • Regulates some financial institutions, casinos, and other reporting entities

Attorney General

  • Drives prosecutions of criminal offences, including money laundering and terrorism financing

Registrar General

  • Provides civil and administrative services on behalf of the government

Anti-Corruption Commission Seychelles (ACCS)

  • Focuses on significant corruption investigations with a potential link to money laundering

Commissioner of Police

  • Leads the Financial Crimes Investigative Unit and Anti-Narcotics Bureau in investigating proceeds-generating crime, including money laundering

Seychelles Revenue Commission

  • Plays a critical role in combating ML/TF through customs and tax authorities

Strengthening Terrorism Financing Laws

The strengthening of terrorism financing laws in Seychelles is a significant step towards maintaining a conducive and efficient business environment while combating financial crimes. With the establishment of the NAC, the government has demonstrated its commitment to meeting international obligations and upholding its reputation as a responsible and transparent financial hub.

By establishing this high-level committee, the Seychelles government has shown its dedication to preventing the misuse of financial systems and combating money laundering and terrorism financing. The NAC’s work will undoubtedly contribute to maintaining Seychelles’ reputation as a stable and secure financial centre.