National Anti-Money Laundering and Countering the Financing of Terrorism Committee, AML/CFT established
February 07, 2019
Thursday 7th February 2019: The Minister for Finance, Trade, Investment and Economic Planning has appointed members of the National Anti-Money Laundering and Countering the Financing of Terrorism Committee, AML/CFT, effective 4th February 2019, for a period of three years.
This is to ensure that there is effective coordination between the sectoral authorities and efficient exchange of information.
The composition of the committee is as follows;
- Mr Patrick Payet- Chairperson (Secretary of State for MFTIEP)
- Mr Frank Ally-Member (Attorney General)
- Mr Kishnan Labonte-Member (Commissioner of Police)
- Ms Caroline Abel-Member (Governor of CBS)
- Mrs May De Silva-Member (CEO of ACCS)
- Mr Steve Fanny-Member (CEO of the FSA)
- Mr Ronald Cafrine (Commissioner General of SRC)
- Mrs Wendy Pierre-Member (Registrar General)
- Mr Phillippe Moustache-Member (Director of the FIU)
The establishment of the AML/CFT Committee is part of a series of recommendations and measures to be implemented by Seychelles in order to combat money laundering and terrorist financing, as well as the financing of proliferation of weapons of mass destruction following the comprehensive review of the Seychelles’ AML/ CFT framework from 20 November – 5 December 2017.
The second Mutual Evaluation Report for Seychelles was approved and adopted in September 2018.
The National Committee shall;
- (a) Assess the effectiveness of policies and measures to combat money laundering and the financing of terrorism;
- (b) Make recommendations to the Minister responsible for Finance for Legislative, regulatory and policy reforms in respect of anti-money laundering and combating the financing of terrorism;
- (c) Advise the Minister responsible for Finance in relation to matters relating to money laundering and the financing of terrorism;
- (d) Promote co-ordination amongst the FIU, other Law Enforcement Agencies, Supervisory authorities and other institutions with a view to improving the effectiveness of existing policies for the combat and deterrence of money laundering and financing of terrorism;
The National Committee shall create subcommittees as it deems fit for achieving its functions.