(4 minutes read)
· Minister of Finance, Maurice Loustau-Lalanne of Seychelles said that the government was putting in place a system for dealing with anti-money laundering and financing of terrorism activities in Seychelles
· The National Anti-Money Laundering and Countering the Financing of Terrorism Strategy should be fully implemented by the end of 2022
Minister of Finance, Maurice Loustau-Lalanne of Seychelles said that the government was putting in place a system for dealing with anti-money laundering and financing of terrorism activities in Seychelles.
Seychelles is as vulnerable to threats as any other jurisdiction. The impact list is quite extensive, ranging from increased costs for business when dealing with international partners, correspondent banking challenges and the broader problem of reputational damage for the country, the minister added.
The strategy was launched in a special ceremony held at the Seychelles Trading Company (STC) conference room in the capital of Victoria. The National Anti-Money Laundering and Countering the Financing of Terrorism Strategy should be fully implemented by the end of 2022.
Loustau Lalanne said that the island nation is expected to dedicate efforts to have more robust and more effective policies and frameworks to mitigate the security threats. Seychelles is showcasing its commitment to adhere to international standards and address deficiencies highlighted by international bodies and jurisdictions in recent times.
Recently, the country has conducted a risk assessment study to find out the existing deficiencies in the system. The strategy to be put in place will also help the country to build the internal capacity to deal with anti-money laundering and financing of terrorism activities.
In Seychelles the Financial Investigation Unit (FIU) has the administrative role to receive, analyse and disseminate reports on suspicious transactions. The unit is also tasked to keep information about companies’ beneficiaries, information that will only be made available to law enforcement authorities and other competent authorities. The investigation of financial crimes is the responsibility of the Seychelles’ Police through its financial crime investigation unit.
