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The National AML/CFT committee during its last meeting prepared to discuss Seychelles’ progress report to strengthen AML/CFT framework at the ESAAMLG Task Force of Senior Officials meeting in Tanzania

April 17, 2019

Tuesday 16th of April 2019: The National AML/CFT committee met during its meeting on the 2nd April 2019 to discuss Seychelles progress report on work already done and steps being undertaken to address issues highlighted in the country’s second Mutual Evaluation Report (MER).

This meeting was for the preparation of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Task Force of Senior Officials meeting that was held in Arusha, Tanzania on April 7 to 12.This includes efforts to strengthen legislation, including the drafting of the new Anti-Money Laundering Bill. During the meeting, members were briefed of the work of the international consultant assisting with the drafting of the new Anti-Money Laundering bill. The draft text is currently being reviewed to ensure that it is representative of the policy proposal to draft the new law that was approved by the Cabinet. Members were also briefed that the Consultant has highlighted certain aspects of the AML law that will have an impact on other legislations.

Members also discussed the progress being undertaken for the setting up of AML/CFT supervisory functions within the relevant organisations, the efforts being made to build capacity and creating awareness of the AML/CFT regulatory framework among the different sectors.

In preparation for the ESAAMLG Task Force September meeting, it was proposed to have six groups linking institutions working to regulate and supervise specific sectors and activities, when addressing the immediate outcomes of the MER, to ensure better coordination and effectiveness of the proposed initiatives.

The National AML/CFT Committee has also stressed on the importance of synergy with other high-level forums and committees. The Technical AML Committee has been tasked with identifying such groupings and their functions, to establish a structure that will allow for collaboration and sharing of pertinent information.

The need to tackle unlicensed activities being carried out in some sectors, which some have been identified as prone to money laundering risks in the MER, has also been recognised as one of the issues that needs to be addressed. This is to ensure that the activities are appropriately regulated and supervised so that people working in these sectors can be familiarised with their obligations towards the AML/CFT regulations in place.

Such issues are expected to be further addressed once a resident advisor, who is being sought with the assistance of the World Bank, is appointed to assist the country.



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