Seychelles President Danny Faure Assents to Anti-Money Laundering and Countering the Finance of Terrorism Bill and Beneficial Ownership Bill
March 05, 2020
President Danny Faure today assented to two key laws that will help Seychelles combat money-laundering and the financing of terrorism, and improve transparency regarding the beneficial ownership of companies, particularly in the offshore financial sector.
The President assented to the Anti-Money Laundering and Combating the Financial of Terrorism Act 2020, and to the Beneficial Ownership Act 2020.
The National Assembly of Seychelles, passed the two Bills with the unanimous support of all Members at their sitting on 4th March 2020.
In his opening remarks, the Minister of Finance, Trade, Investment and Economic Planning, Maurice Loustau-Lalanne, said that the two new laws were one of the first steps in recent efforts to intensify the government's efforts to protect Seychelles from money laundering and also deliver on its commitments to improve the country's legal system in accordance with international norms.
President Faure went on to state that the passage of the two Bills by the National Assembly underlined Seychelles' determination to adhere to the principles of good governance, transparency and accountability in the domestic as well as off-shore financial sectors. The introduction of these new laws should enhance Seychelles' reputation as a serious and reliable international financial service provider.