Seychelles launches the 2nd NRA for Money Laundering and Terrorist Financing

February 07, 2025

Seychelles has launched its second National Risk Assessment for Money Laundering and Terrorist Financing.

In a ceremony held on Thursday 06th February, the Secretary of State in the Ministry of Finance, National Planning and Trade, Mr. Patrick Payet presented a sanitize copy of the report to key stakeholders, such as the Ministry of Internal Affairs, National Assembly, Judiciary and sectoral partners.

In his speech, SS Payet who also chairs the AML/CFT National Committee (NAC) acknowledged the 'collective expertise and unwavering commitment' of all NAC members saying' they have been instrumental in shaping this comprehensive assessment.'

"The National Risk Assessment, or NRA, is a vital exercise that helps us identify and understand the specific threats and vulnerabilities our country faces. It provides a foundation for improving our national framework for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), enabling all stakeholders to take an informed risk-based approach."

The 2022 NRA covers the period from January 2019 to June 2022 and builds upon the findings of the 2017 assessment.The 2022 NRA, places greater emphasis on emerging risks, such as:

The increasing use of virtual assets and the associated risks to financial stability,
Environmental crimes, which have a significant impact on our natural resources,
And the evolving challenges posed by cross-border financial transactions.

SS Payet has called for a balance between 'fostering innovation and maintaining robust measures to protect our economy from exploitation.'

The 2022 NRA while underscores the risks Seychelles is facing, also presents actionable recommendations, particularly in the areas of strengthening compliance measures, capacity building and enhancing collaboration.

The report serves as a stepping stone to action between now and January 2027, when the third round of Mutual Evaluation is expected to commence.

"I encourage each of you to reflect on how we can collectively implement the recommendations of this important assessment and further strengthen Seychelles' financial integrity. This will help the country to achieve a favorable rating in the third round of Mutual Evaluation which is set to begin in January 2027."