This Follow up Report (FUR) sets out Seychelles’ progress in strengthening anti-money laundering and counter terrorist financing measures. The ESAAMLG Task Force approved the Report at the March 2023 meeting in Arusha, Tanzania. Since its 2018 mutual evaluation and its September 2021 FUR, Seychelles has made progress in resolving some of the technical compliance deficiencies identified in its MER. The ESAAMLG considered information provided in support of the request for re-rating of Recommendations 5, 19, 25, 28, 33 and 34 initially rated PC and ratings for 5 Recommendations have been revised. Recommendation 19 is upgraded from PC to C, Recommendations 5, 25, 28, and 34 from PC to LC while Recommendation 33 to remain PC. Seychelles is now compliant on 12 of the 40 Recommendations and largely compliant on 22 of them. It remains non-compliant on 2 Recommendations and partially compliant on 4 Recommendations. Seychelles will remain in enhanced follow-up and will continue to inform the ESAAMLG of the progress made in improving the implementation of its AML/CFT measures.
Download DocumentPosted: 29, May 23
This Follow up Report (FUR) sets out Seychelles’ progress in strengthening anti-money laundering and counter terrorist financing measures. Seychelles has been in an enhanced follow-up process following the adoption of its Mutual Evaluation Report in 2018. In line with the ESAAMLG’s Second Round Procedures for Mutual Evaluations and Follow up Process, the country has reported back to the ESAAMLG on the action it has taken since its September 2018 MER and December 2020 FUR. Since its 2018 mutual evaluation and its December 2020 FUR, Seychelles has made progress in addressing deficiencies against Recommendations 2, 16, 35, 37, 38 & 39 which all were initially rated PC and now rerated to LC and for Rec.7 rerated with PC which was initially rated NC. Seychelles is now compliant on 11 of the 40 Recommendations and largely compliant on 18 of them. It remains non-compliant on 4 Recommendations and partially compliant on 7 Recommendations. Seychelles will remain in enhanced follow-up and will continue to inform the ESAAMLG of the progress made in improving the implementation of its AML/CFT measures.
Download DocumentPosted: 07, Oct 21
This Follow up Report (FUR) sets out Seychelles’ progress in strengthening anti-money laundering and counter terrorist financing measures. Seychelles has been in an enhanced follow-up process following the adoption of its Mutual Evaluation Report in 2018. In line with the ESAAMLG’s Second Round Procedures for Mutual Evaluations and Follow up Process, the country has reported back to the ESAAMLG on the action it has taken since its September 2018 MER. Since its 2018 mutual evaluation and its September 2019 FUR, Seychelles has made progress in addressing deficiencies against Recommendations 1, 26 and 29 which all were initially rated PC. Seychelles is now compliant on 11 of the 40 Recommendations and largely compliant on 12 of them. It remains non-compliant on 4 Recommendations and partially compliant on 13 Recommendations. Seychelles will remain in enhanced follow-up and will continue to inform the ESAAMLG of the progress made in improving the implementation of its AML/CFT measures.
Download DocumentPosted: 22, Jan 21
ESAAMLG has completed its assessment of Seychelles’ anti-money laundering and counter-terrorist and proliferation financing (AML/CFT) system. The Mutual Evaluation Report of Seychelles sets out how well Seychelles has implemented the technical requirements of the FATF Recommendations and how effective its AML/CFT system is. The report presents the key findings of the assessment team and the priority actions for Seychelles to improve its AML/CFT system.
Download DocumentPosted: 09, Nov 18
The ESAAMLG Council Of Ministers Approved And Adopted The Mutual Evaluation Report For The Republic Of Seychelles In August 2008. The Report Was Prepared By ESAAMLG Experts And Before Its Approval By The Council Of Ministers It Was Fully Discussed And Adopted By The ESAAMLG Task Force Of Senior Officials.
Seychelles Has Recently Enacted A Number Of Legislations To Modernise And Strengthen Its AML/CFT Legal Framework. In 2006, It Enacted A New Anti-Money Laundering Act 2006 (AML Act) Which Replaces The Anti-Money Laundering Act Of 1996. The AML Act Transposes Into The AML/CFT Framework Several Core Requirements Of The Revised Recommendations Of The FATF. The New AML Act Provides For The Establishment Of A Financial Intelligence Unit. Seychelles Has Also Taken Significant Legislative Steps To Fight Terrorist Financing With The Adoption Of The Prevention Of Terrorism Act In 2004.
The Report Also Identifies Areas Of Deficiencies In The AML/CFT Framework Of Seychelles. It Makes Comprehensive Recommendations On Actions That Seychelles Needs To Take In The Short And Medium Terms To Strengthen Its AML/CFT System To Fully Comply Over Time With International Standards.
The Finalisation Of This Report Was Subject To Significant Delay. The Contents Of Table 3 In The Report Set Out The Significant Developments That Have Taken Place After The Onsite Visit But Before The Discussion And Adopt
Download DocumentPosted: 08, Jan 17
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