Seychelles concludes National Risk Assessment for VAs and VASPs

July 19, 2022

The Seychelles has concluded the National Risk Assessment for Virtual Assets and Virtual Assets Service Providers.

The risk assessment was conducted by an expert from BDS Forensic, Mr. Danny Sanhye.

The findings were presented to stakeholders on Friday 15th July, 2022.

The VA/VASP NRA was conducted with the primary objective of aiding the Financial Services Authority (FSA) and other relevant competent authorities within the NAC to assess the Money Laundering (“ML”) and Terrorist Financing (“TF”) risks associated with having a VA/VASP regime in Seychelles.

The VA/VASP NRA concluded that the overall exposure of Seychelles to ML and TF risks arising from VAs and VASPs is “Very High”, owing largely to certain unregulated activities occurring predominantly through the use of Seychelles incorporated legal persons. This conclusion and others from the VA/VASP NRA will be used in turn to feed into the wider country NRA scheduled for the latter part of 2022.

For more, read the press release below.

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