(3 minutes read)
An investigation is on by Seychelles’ authorities into what appears to be a fraudulent case involving cryptocurrency between several parties based internationally and locally. The ongoing investigation is being conducted by the Nouvobanq bank, the Financial Crime Investigation unit within the Seychelles Police Force, and the Financial Intelligence Unit (FIU). The bank stated that it has been able to detect those transactions and alerted the relevant authorities.
An investigation is on by Seychelles’ authorities into what appears to be a fraudulent case involving cryptocurrency between several parties based internationally and locally. The ongoing investigation is being conducted by the Nouvobanq bank, the Financial Crime Investigation unit within the Seychelles Police Force, and the Financial Intelligence Unit (FIU). The bank stated that it has been able to detect those transactions and alerted the relevant authorities.
Nouvobanq assures to its customers that no customer account is directly affected at any time, therefore no money has been deducted from any customer’s account as part of the scam. Contrary to some reports being circulated on social media, the bank categorically denounces the involvement of its staff in this. Nouvobanq is one of the commercial banks in Seychelles, founded in 1991, in a joint venture between the Seychelles Government and Standard Chartered Bank.
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Meanwhile, work in Seychelles has started to develop a national policy on virtual assets and cryptocurrency. Finance Minister Naadir Hassan told members of the National Assembly last month that a report on a national risk assessment done by the Financial Services Authority (FSA), shows that complaints about activities using cryptocurrency are increasing in Seychelles. Hassan revealed that in 2018, there were 28 complaints registered among which five were on activities using cryptocurrency. In 2019, among 27 complaints, nine were related to cryptocurrency. For 2020, 12 cases were recorded with eight for cryptocurrency, and in 2021, 27 cases were recorded with 23 for cryptocurrency.
