Seychelles highlights progress made to strengthen the country’s AML/CFT framework at the Eastern and Southern Africa Anti-Money Laundering Group Task Force of Senior Officials meeting in Tanzania
April 17, 2019
On April 7th to 12th, 2019 a Seychelles delegation comprising of 18 officials from relevant agencies and institutions, attended the 37th Eastern and Southern Africa Anti-Money Laundering Group (“ESAAMLG”) Task Force of Senior Officials Meeting (“Task Force”) in Arusha, Tanzania to present the Seychelles’ first progress report on steps undertaken to address the deficiencies highlighted in the country’s second Mutual Evaluation Report (“MER”) adopted in September 7th 2018.
The delegation was headed by the Secretary of State for Finance, Trade, Investment and Economic Planning, Mr Patrick Payet who is equally the Chairperson of the National Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Committee. It should be highlighted that Seychelles holds the presidency of the ESAAMLG Council of Ministers and chairmanship of the Task Force for the period 2018 - 2019.
The delegation comprised of the Financial Services Authority, Financial Intelligence Unit, Anti-Corruption Commission of Seychelles, Central Bank of Seychelles, Attorney General’s office, the Seychelles Police, Seychelles Revenue Commission, Seychelles Licensing Authority and Office of the Registrar General. A delegation which is tasked with the responsibility to monitor and uphold the Seychelles Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.
Through this seven (7) days meeting sessions, delegates participated in numerous working group forum whereby the Seychelles, through the working groups and plenary discussions, was commended on the initiatives undertaken and the action plan to be implemented to strengthen the country’s AML/CFT framework which includes amongst other things;
- Review of the country’s current AML/CFT legal framework, through the drafting of a new Anti-Money Laundering legislation with the assistance of a regional expert. To note a first draft of the Anti-Money Laundering Bill has been submitted to relevant authorities for review to ensure that it is representative of the policy proposal approved by the Cabinet of Ministers in final quarter of 2018;
- The revitalisation of the National AML/CFT committee and establishment of an effective Technical Committee with the objective to promulgate domestic coordination and international cooperation;
- The adoption of a sectoral approach to AML/CFT supervision through the establishment of the following Regulatory Authorities; the Financial Intelligence Unit, the Central Bank of Seychelles, the Financial Services Authority and the Registrar of Association as AML/ CFT supervisors for clearly identified segments of reporting entities;
- Initiatives to link with international bodies such as United Nations, European Union, Egmont Group and World Bank, amongst a few, to build capacity of both Supervisory Authorities and Law Enforcement Agencies; and
- Delivery of preventive and awareness programmes on AML/CFT considerations to all government institution, reporting entities and the general public.
Based on the outcome of the MER, Seychelles is under the enhanced Follow-Up Process which necessitate bi-annual reporting of progress made to the ESAAMLG Task Force.
Seychelles will be required to report and provide updates on progress made through the submission of a second progress report at the 38th ESAAMLG Senior Task Force Meeting and 19th Council of Minister’s Meeting to be held in Eswatini in September 2019.
SS Payet, in his capacity as the Head of the delegation, assured the Task Force of the Seychelles’ commitment to strengthen the domestic AML/ CFT regime and build on the current bilateral and multilateral relationships with international partners and counterparts to increase our efforts in the international fight against Money Laundering and Terrorist Financing.