National Assembly approves the International Trusts (Amendment) Bill, 2021
March 05, 2021
The National Assembly has approved amendments to the International Trusts (Amendment) Bill, 2021.
The Minister for Finance, Economic Planning and Trade, Naadir Hassan presented the amendments before the National Assembly on Friday 05th March, 2021.
Minister Hassan explained that this amendment is meant for Seychelles to meet the recommendations of the Financial Action Task Force (FATF).
To note, it is the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), a regional body that is tasked by the Financial Action Task Force (FATF) to oversee the implementation of the latter’s recommendations.
ESAAMLG submitted its Mutual Evaluation Report on Seychelles in September 2018.
The shortcomings identified by ESAAMLG on this issue of ‘trusts and trustees’, meant Seychelles was rated ‘partially Compliant’, for recommendation 25 of the FATF, thus amendments were necessary to meet the international standards.
Seychelles had a deadline to meet the obligations, otherwise the FATF would have taken actions.
Minister Hassan described the amendments as ‘urgent actions that Seychelles had to take, to be on par with the international norm and meet the requirements of the FATF standards.”
“Today, the amendments are sort of a stop gap measure to address the immediate issues.”
In the long run, however, a new Trusts Bill will be presented before the National Assembly for approval.
“We are already working on a new modern Trusts Act, which is more comprehensive. The first draft is ready, and the next step will be consultation with the stakeholders. We anticipate that we should be able to go back to the National Assembly in mid-year to present a new Trusts Act.”
The presentation of Minister Naadir Hassan is uploaded on our website www.finance.gov.sc, under heading Media, folder Video.