Seychelles has been upgraded on another five recommendations of the Financial Action Task Force (FATF)
April 12, 2023
Seychelles has been upgraded on another five recommendations of the Financial Action Task Force (FATF).
The upgrade came after a delegation attended the 45thmeeting of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Task Force of Senior Officials,held in Arusha, Tanzania from 26th to 31st March 2023.
At the meeting of the Task Force of Senior Officials, Seychelles defended its third re-rating request report to address five deficiencies identified within the Second Mutual Evaluation Report adopted in September, 2018,in a bid to strengthen its AML/CFT legislative framework.
The five FATF recommendations (5,19, 25, 28 and 34) relates to Terrorist Financing offence, Higher-risk countries, Transparency and Beneficial Ownership of Legal Persons, Regulation and Supervision of Designated Non-Financial Business or Professions (DNFBPs) and Guidance and Feedback respectively.
The National AML/CFT Committee, chaired by SS Patrick Payet, will continue to address the remaining six technical compliance shortcomings for discussion in the April 2024 ESAAMLG meeting.
To date, Seychelles is either Compliant or Largely Compliant on 34 of the 40 FATF Recommendations.
Upon conclusion of the meeting SS Payet had this to say;
‘The upgrade has been a national effort, working closely with all stakeholders to ensure the necessary legislations were enacted on time for submission of our re-rating request. We thank all parties for this collaboration. We thank also the technical AML/CFT committee for working immensely to ensure the reviews were submitted to the National AML/CFT committee. There are still further works to be done and the committee remains committed to address the other deficiencies.”
For more read the press release below.
Seychelles-upgraded-on-another-five-FATF-recommendations.pdf