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In order to effectively tackle money laundering and terrorist financing Seychelles has further upgraded on five more recommendations set by the Financial Action Task Force (FATF). The upgrade came after a delegation attended the 45th meeting of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Task Force of senior officials in Tanzania.
In order to effectively tackle money laundering and terrorist financing Seychelles has further upgraded on five more recommendations set by the Financial Action Task Force (FATF). The upgrade came after a delegation attended the 45th meeting of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Task Force of senior officials in Tanzania.
Seychelles has made progress in addressing deficiencies against recommendations 5,19, 25, 28, and 34. The recommendations relate to terrorist financing offenses, higher-risk countries, transparency and beneficial ownership of legal persons, regulation and supervision of designated non-financial businesses or professions, and guidance and feedback.
The upgrade has been a national effort, working closely with all stakeholders to ensure the necessary legislations were enacted on time for submission of our re-rating request, stated Secretary of State Patrick Payet, chair of the National Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Committee. He further stated that there are still more works to be done and the committee remains committed to addressing the other deficiencies.
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Currently, Seychelles is in compliance with 34 of the 40 Financial Action Task Force (FATF) recommendations. The FATF is the global money laundering and terrorist financing watchdog that sets international standards aimed at preventing these illegal activities and the harm they cause to society.
At the meeting, the ESAAMLG secretariat also briefed the delegates on the ongoing preparations for the third round of the Mutual Evaluations which will start in June 2025. The sequencing of countries will be discussed during the September 2023 meeting and will need to be completed within six years with a flexibility of seven years in justifiable circumstances.
