A new Trust Bill is approved to replace the existing one
July 29, 2021
The National Assembly voted yesterday afternoon to approve a new Trusts Bill to replace the existing International Trusts Act 1994.
The bill was presented before the National Assembly by the Minister for Finance, Economic Planning and Trade, Naadir Hassan.
The International Trusts Act was one of the first piece of legislation to be enacted along with the International Business Companies Act, 1994 and the International Trade Zone Act, 1995, when the offshore sector was launched in Seychelles.
Since then, there’s been no substantial amendments to the International Trusts Act.
The new bill approved yesterday includes provisions that will ensure that the Seychelles jurisdiction is in conformity with the international requirements of the OECD and FATF.
The Trust Bill was part of a series of six legislations that the National Assembly had to debate and vote on during its session this week.
All six legislations were approved and are awaiting to be signed into law, by the President of the Republic.