(4 minutes read)
· Seychelles will be imposing a fine not exceeding US$5,000 on trustees who are found not be complying with provisions made under a new bill approved by the Seychelles’ National Assembly , known as the International Trust Amendments bill
· The legislation addresses concerns raised in the Mutual Evaluation Report published in 2018 by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG)
· The National Assembly also carried out amendments in three other laws; such as Anti Money Laundering and Countering the Financing of Terrorism (Amendment) Bill, 2021, Beneficial Ownership (Amendment) Bill, 2021, and Mutual Assistance in Criminal Matters (Amendment) Bill, 2021 and Extradition (Amendment) Bill 2021 to make them on par with international standards
Seychelles will be imposing a fine not exceeding US$5,000 on trustees who are found not be complying with provisions made under a new bill approved by the Seychelles’ National Assembly , known as the International Trust Amendments bill. The legislation addresses concerns raised in the Mutual Evaluation Report published in 2018 by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG).
A clause in the recommendation of ESAAMLG- Recommendation 25 in the report- obliges trustees to share their information with financial institutions when forming a business relationship or performing a transaction above the set threshold. Another clause -section 29- mandates that the International Trust Register should include names, address, nationality and places of corporation for each trustee. Three months time will be allowed for the trustees to comply with the requirements.
The National Assembly also carried out amendments in three other laws; such as Anti Money Laundering and Countering the Financing of Terrorism (Amendment) Bill, 2021, Beneficial Ownership (Amendment) Bill, 2021, and Mutual Assistance in Criminal Matters (Amendment) Bill, 2021 and Extradition (Amendment) Bill 2021 to make them on par with international standards.
Experts feel that the tightening of the existing provisions and introduction of new legislative conditions would make the Island Nation a financial hub. The measures, it is expected, would completely revolutionize the financial sector which was set up in the 1990s to bring to today’s reality. Seychelles will also be asking for a re-rating of its financial sector during the Eastern and Southern Africa Anti-Money Laundering Group meeting in September 2021.
