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2023 FCN Seychelles Financial Crime Dashboard

29/12/2023

A new 2023 25-page Financial Crime Assessment [FCN] Dashboard has been published and updates the 2020 DASHBOARD

As with most other countries, the Seychelles, has minimal money laundering convictions and asset recoveries, though virtual currency wallet asset freezes are significant, which also indicate perhaps how the financial crime and money laundering threat is changing, not only in the Seychelles.

The 2017 NRA had Banks and MSBs as the most vulnerable sectors, followed by DNFPBs, including Real Estate and Car Dealers from Corruption, Drug Trafficking, Tax Offences and Smuggling.

Expect the updated NRA (later this year or next) to update this to include Fraud and Cybercrime, and perhaps MS/HT and Environmental Crime and to especially include the VC sector but not the NPO sector as a high vulnerability.

OTHER HIGHLIGHTS FROM FCN
  • Drugs and corruption are the two dominant financial-related crimes that have long been related and have turned the Seychelles into one of the most addicted to heroin places in the world. With a fresh new government that made fighting drugs and corruption a key part of its manifesto for change, there is hope.
  • Success in getting removed from the EU Tax Haven listing and avoiding FATF listing may be the international priorities.
  • Action to establish a central BO database, and risk assessments completed ahead of action to tackle 2 open FATF NC ratings on R8 NPOs & R15 New Technologies (Virtual Currencies) demonstrate Seychelles is taking these issues very seriously.
  • As important as closing loopholes, taking action on drugs and corruption are as if not more important. Including now treatment for addiction to drugs as well as continuing a law enforcement approach AND prosecuting 6 of the highest profile names connected with the previous regime for corruption and money laundering are important works in progress.
  • How the Seychelles progresses in its struggle with drugs and corruption more broadly will shape the future of the Seychelles to its people, but avoiding listing for tax or financial crime is also important to protect the islands international reputation and its financial and professional services sector.

See HERE: Seychelles FC Dashboard

See the full dashboard here:-

25-PAGE REPORT HERE

FINES FRAUD EU

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.  

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.