Seychelles

New Documents

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.

President of the Republic of Seychelles Danny Faure assented to two laws that will align the country with international anti-money laundering and counterterrorist financing standards, including in relation to the transparency of beneficial ownership information.

News

Enforcement Actions

0 Items Found


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 : 10 High : 0
Largely Compliant : 10 Substantial : 0
Partially Compliant : 16 Moderate : 1
Non-Compliant : 4 Low : 10

BASEL i

Rank : 64/149
Score : 5.82/10

TRANSPARENCY INTERNATIONAL i

Rank : 27/180
Score : 66/100

Tax Justice Network i

Rank : 95/133
Score : 70/100