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Seychelles: Fighting Corporate Fraud & Bribery

· 3 min read
Olivia Murphy
Cybercrime Investigator

The tropical paradise of Seychelles is famous for its pristine beaches and crystal-clear waters. However, it is also recognized for its robust regulatory framework against corporate fraud. As the island nation continues to attract international businesses, it is essential to examine the legal provisions and authorities tasked with combating fraudulent activities.

1. Relevant Legislation for Corporate Fraud​

In the Seychelles, several acts outline the offenses related to corporate fraud. Some of the primary legislations include:

  • International Business Companies Act 2016
  • Financial Services Authority Act 2013
  • Companies Ordinance Act 1972
  • Securities Act 2007
  • Anti-Corruption Act 2016
  • Penal Code
  • Prevention of Terrorism Act 2004

The Financial Services Authority Act 2013 outlines several offenses related to corporate fraud:

  • Money laundering
  • Financing of terrorism
  • Misuse of information
  • Offenses involving dishonesty
  • Defrauding creditors
  • Acting fraudulently or in bad faith
  • Breach of trust
  • Providing false statements
  • Conspiracy to defraud

3. Authorities Involved in the Investigation and Enforcement​

The Seychelles' authorities charged with prosecution, investigation, and enforcement of corporate or business fraud are:

  • The Company Executive Office (CEO) or an officer of the Anti-Corruption Commission
  • Police
  • Financial Intelligence Unit (FIU)
  • Financial Services Authority (FSA)
  • Court of Seychelles

4. Prosecution, Powers of Interview, and Powers to Obtain Evidence​

In the Seychelles, the Attorney General institutes prosecution for corporate fraud, but the FSA can still revoke licenses for non-compliance. Police and related authorities possess the power to interview individuals, while the CEO of the Commission may write a notice for an individual to answer specific questions related to the alleged offense. The court can obtain evidence under the Criminal Procedure Code, and thereafter, the CEO can investigate further.

5. Bribery and Corruption Regulations​

The primary legislations relevant to bribery and corruption in the Seychelles include:

  • Public Services Code of Ethics and Conduct 2008
  • Anti-Corruption Act 2016
  • Seychelles Transparency Initiative

6. Offenses and Penalties for Bribery and Corruption​

Under the Anti-Corruption Act 2016, public officers should not:

  • Promise, offer, accept, attempt to accept, agree to accept, obtain, or give gratification for themselves or others, in connection to any matter or transaction that relates to a foreign public body.
  • Solicit or accept undue advantages or benefits from individuals acting as foreign public officials.
  • Misuse their position, office, or authority.
  • Breach the procurement procedure or fail to comply with the procedure in good faith.

Private commercial bribery is also considered an offense. Consequences for participating in bribery and corruption offenses can lead to severe penalties, including fines and imprisonment.

For more information regarding corporate fraud or identity theft in the Seychelles, consult with:

  • Financial Services Authority
  • Office of the Attorney General
  • Seychelles Anti-Corruption Commission.