An expert Mission from EU to conduct risk assessment on the country's NPO sector
April 01, 2022
An expert mission from the European Union, will be in the country as of 04th April to conduct a risk assessment on the Non-Profit Organisations (NPO), sector.
The assessment is in line with the Financial Action Task Force (FATF), recommendation, which requires countries to undertake risk assessment on NPOs, by virtue of the sector being vulnerable of being used for terrorism financing.
Seychelles was last assessed in 2016, and it was deemed not to be in compliant with FATF recommendation 8.
Speaking to the local media on Thursday 31st April, the Director of the Financial Intelligence Unit (FIU), Mr. Richard Rampal, said ‘as a country we take these significant requirements very seriously’.
“This is why we have felt it important for us to conduct a very comprehensive risk assessment, for us to understand this sector and in cases of more vulnerable NPOs being selected, this will make them be subjected to additional supervision and reporting requirements so that we can support them in conducting their businesses legitimately and at the same time not being misused by criminals.”
During the mission, the experts will meet with all relevant stakeholders and also conduct a two day working session with NPOs.
The Mission is organized by the European Commission’s Technical Assistance and Information Exchange Instrument (TAIEX) and funded by the Partnership Instrument (PI).