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Drafting of proposed law to counter money laundering has started with the assistance of international consultant

April 01, 2019

Monday 1st April 2019, VICTORIA, SEYCHELLES: Seychelles is currently receiving the assistance of a consultant with extensive knowledge in trends of organised crime and money laundering in the region, for the review and drafting of the proposed Anti-Money Laundering Bill.

The consultant has already started to meet and hold discussions with the relevant agencies and institutions, including the Attorney General’s Office, and is expected to present the initial documents to the committee at the beginning of April. Stakeholders will be consulted once a draft text of the Anti-Money Laundering Bill is ready.

The National Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Committee was apprised of this development, during its third meeting held on Wednesday March 20, 2019, at Liberty House. The meeting was led by the chairperson of the committee, the Secretary of State for Finance, Trade, Investment and Economic Planning, Mr. Patrick Payet.

The drafting of the new legislation is part of efforts to strengthen the country’s AML/CFT framework. Work being undertaken to strengthen laws, which is among issues highlighted in the Seychelles’ second Mutual Evaluation Report (MER) will be included in a progress report being readied by the committee. This is in preparation for the upcoming Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Working Group and Plenary meetings, to be held in Arusha, Tanzania, from April 7 to 12, 2019.

During their third meeting, the National AML/CFT committee members also provided updates of progress made and undertakings being planned by their respective sectoral agencies, to further address other critical issues highlighted in the MER, which will also be included in the progress report.

The setting up of AML supervision functions within relevant authorities, creating awareness of the AML/CFT regulatory framework in place among the different sectors and advising them of their obligations, the development of guidelines for these sectors, which will be followed by compliance testing, are some of the activities already underway.

It was however highlighted that capacity building of staff and need for new technology are some of the challenges, which will have to be addressed to strengthen the ability of the various agencies and institutions to discharge their functions, to ensure the effectiveness of the AML/CFT framework.

The Committee members also discussed the need for a comprehensive assessment of sectors that deal with transactions, which are prone to money laundering risks, so that recommendations can be made on how the regulatory framework can be strengthened. This is aimed at ensuring that loopholes that may exist are captured and addressed to limit or eliminate the risks and possibilities of money laundering and terrorism financing activities through these sectors.

It was agreed that sub-committees grouping sectoral authorities regulating or supervising specific sectors and activities should be established for better coordination and to ensure that the issues and weaknesses highlighted in the MER are addressed and tackled in a manner that would bring about effective progress. The local authorities will soon be receiving the assistance of a resident advisor, as they move forward to undertake all of the reforms, as well as to build capacity.

The National AML/CFT committee meeting was also an opportunity for the members to be apprised of work being done by the Technical AML Committee. This includes the review and finalisation of the Terms of Reference that will guide the work of both the National AML/CFT and the Technical AML committees.

The Technical AML Committee has been tasked with coordinating the implementation and effectiveness of initiatives approved by the National AML/CFT Committee. This includes leading a sub-committee that is currently working on the National AML Strategy. Work has already started to outline this strategy and a first draft of the document should be presented to the National Committee at its next meeting in April.

At its third meeting, the National AML/CFT Committee also elected a Deputy Chairperson and the role will be discharged by the Governor of the Central Bank of Seychelles, Ms. Caroline Abel.




Kind regards

Marie-May Bastienne (Mrs)

Public & Media Consultant

Ministry of Finance, Trade, Investment and Economic Planning

P. O. Box 313, Liberty House, Victoria, Republic of Seychelles

Tel: + (248) 4382 130 | Mobile: + (248) 2822168 | Fax: + (248) 4325 161

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