Seychelles

New Documents

ESAAMLG Releases Second FUR on Seychelles, Re-Rates Compliance with Three Recommendations

The Eastern and Southern Africa Anti-Money Laundering Group released its second follow-up report on Seychelles’ progress to improve compliance with the Financial Action Task Force’s anti-money laundering and counterterrorist financing Recommendations.

January 27, 2021

Seychelles Minister of Finance Discusses Launch of National AML/CTF Strategy

Seychelles Minister for Finance, Trade, Investment and Economic Planning Maurice Loustau-Lalanne delivered the keynote address during the launch of the country’s first National Anti-Money Laundering and Countering the Financing of Terrorism Strategy.

September 8, 2020

Seychelles Enacts Two AML/CTF Laws

March 10, 2020

Seychelles Ministry of Finance Highlights Increased Fiscal Transparency Efforts

January 10, 2020

ESAAMLG Publishes MER on Seychelles’ AML/CTF Framework

November 16, 2018

News

Weekly Roundup: FinCEN Coughs Up Hunter Biden SARs, OCC Expects Few BSA Enforcement Actions, and More

U.S. title insurance firms reported thousands of potentially illicit real estate deals, Westpac knew of AML deficiencies for years, and more, in the weekly roundup.

February 7, 2020

Weekly Roundup: Malaysia’s 1MDB Probe Criticized, Firm Claims North Korea Ties to Swift Breaches, and More

French judicial officials will decide in a month whether prosecutors have gathered enough evidence to try the son of Equatorial Guinea’s president, Singapore initiated its first-ever terrorism financing case under a 2002 law, and more, in this week’s roundup.

May 27, 2016

Midweek Roundup: Swift Acknowledges ‘Cyber Incidents,’ Panama Leaks Link Putin to Magnitsky Case, and More

April 27, 2016

Weekly Roundup: Rabobank Discloses Probe Linked to California Branch, OCC Dings Capital One for AML Failures, and More

August 21, 2015

Weekly Roundup: EU Court Reverses Iran Bank Sanctions, France’s Hollande Calls for Terror Finance Crackdown, and More

January 23, 2015

Enforcement Actions

0 Items Found

Key Documents

Seychelles Enacts New AML Act, Expands Obligations for Financial Institutions

April 28, 2006

Seychelles Amends Anti-Money Laundering Act

August 18, 2008

Seychelles Passes Law on CDD Measures, FIU Cooperation

December 22, 2011

Seychelles Minister Issues AML Regulations

April 12, 2012

Important Facts

  • The U.S. State Department identifies Seychelles as a jurisdiction of concern. Seychelles is not a major financial center. The authorities in Seychelles consider drug trafficking, parallel market operations, theft and fraud as major sources of illegal proceeds. Seychelles has also been negatively affected by piracy off the Somalian coast. Seychelles is a consumer country for narcotics. To diversify its economy beyond tourism and fisheries, the Seychelles government developed an offshore financial sector to increase foreign exchange earnings. In fact, Seychelles actively markets itself as an offshore financial and business center that allows the registration of nonresident business companies. Such activities make the country vulnerable to money laundering. The government has proposed to facilitate the further development of the financial services sector through active promotion of Seychelles as an offshore jurisdiction, emphasizing international business companies, mutual funds, special license companies, insurance companies and private foundations.
  • KYC Covered Entities: Banks, offshore banks, credit unions, insurance companies, trust and company service providers, casinos, real estate agents, money exchangers, notaries, lawyers, accountants, auditors, and dealers in precious metals and stones
  • STR Covered Entities: Banks, offshore banks, credit unions, insurance companies, trust and company service providers, casinos, real estate agents, money exchangers, notaries, lawyers, accountants, auditors, and dealers in precious metals and stones
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 0 (Jan. 1, 2015 – Nov. 12, 2015); Convictions: 0 (Jan. 1, 2015 – Nov. 12, 2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 11 High : 0
Largely Compliant : 12 Substantial : 0
Partially Compliant : 13 Moderate : 1
Non-Compliant : 4 Low : 10

Seychelles' technical compliance was re-rated in a Jan. 22, 2021 follow-up report

BASEL i

Rank : 48/141
Score : 5.59/10

TRANSPARENCY INTERNATIONAL i

Rank : 27/180
Score : 66/100

Tax Justice Network i

Rank : 95/133
Score : 70/100