Financial Crime World

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Seychelles Cracks Down on Financial Crime with Tough AML/CTF Framework

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In its relentless pursuit of maintaining a clean and transparent financial sector, Seychelles has implemented a robust Anti-Money Laundering and Countering the Financing of Terrorism (AML/CTF) framework. This move is designed to identify and prevent suspicious financial activities, thereby ensuring the integrity of the country’s financial system.

Strengthened Financial Intelligence Unit

The Financial Intelligence Unit in Seychelles works hand-in-hand with reporting entities across various sectors to detect and report any suspicious transactions or activities. Through rigorous enforcement, the authorities ensure that all entities comply fully with AML/CTF laws.

Enhanced Reporting Requirements

Registering Entities

As part of its efforts to combat financial crime, the Seychellois government has also introduced new regulations requiring companies and associations registered under the Registration Act to register domestically onto the Business Operators (BO) platform. Offshore entities, on the other hand, are responsible for registering and providing their beneficial ownership information on the foreign beneficial ownership database.

Reporting Suspicious Activities

Submitting BO Reports

All reporting entities are required to register and report any suspicious financial activities to the authorities. By submitting a BO report, companies, associations, or partnerships can ensure compliance with the BO Act of 2020.

Benefits of Seychelles’ AML/CTF Framework

The implementation of this strong AML/CTF framework in Seychelles is expected to have numerous benefits for the country’s financial sector, including:

  • Enhanced transparency
  • Reduced money laundering and terrorist financing risks
  • Increased investor confidence

Commitment to Anti-Money Laundering Regime

With its commitment to maintaining a robust anti-money laundering regime, Seychelles is sending a clear message that it will not tolerate any financial malpractices. The country’s tough stance on AML/CTF is expected to have a positive impact on the global fight against financial crime.