Seychelles addresses x5 more FATF deficiencies

Seychelles is compliant or largely compliant with 34 of the 40 Financial Action Task Force (FATF) recommendations.

Seychelles has been upgraded on another five recommendations set by the Financial Action Task Force (FATF), showing further progress in strengthening measures to tackle money laundering and terrorist financing.

Seychelles has progressed in addressing deficiencies against recommendations 5,19, 25, 28 and 34.

• The recommendations relate to terrorist financing offences, higher-risk countries, transparency and beneficial ownership of legal persons, regulation and supervision of designated non-financial businesses or professions, and guidance and feedback.

A press release said

• "Seychelles defended its third re-rating request report to address five deficiencies identified within the Second Mutual Evaluation Report adopted in September 2018."

According to a press release from the Ministry of Finance, National Planning and Trade on Wednesday,

• The upgrade came after a delegation attended the 45th meeting of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Task Force of senior officials in Tanzania from March 26-31.

Secretary of State Patrick Payet, chair of the National Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Committee, said:-

• "The upgrade has been a national effort, working closely with all stakeholders to ensure the necessary legislations were enacted on time for submission of our re-rating request,"

Patrick Payet added

• "There are still further works to be done, and the committee remains committed to addressing the other deficiencies."

ESAAMLG meeting in April 2024.

• The AML/CFT committee will continue to address the remaining six technical compliance shortcomings for discussion in the ESAAMLG meeting in April 2024.
• At the meeting, the ESAAMLG secretariat briefed the delegates on the ongoing preparations for the third round of the Mutual Evaluations, which will start in June 2025.
• The sequencing of countries will be discussed during the September 2023 meeting and must be completed within six years with a flexibility of seven years in justifiable circumstances.

During the task force meeting,

• Seychelles' delegation took the opportunity to build on the current bilateral and multilateral relationships with international partners and counterparts to increase the country's efforts in the global fight against money laundering and terrorist financing.

ESAAMLG Financial Intelligence Unit forum

Seychelles' delegation also took part in sub-committees meetings and at the ESAAMLG Financial Intelligence Unit forum,

the deputy director of the Seychelles Financial Intelligence Unit, Debra Port-Louis, gave a presentation on

• A national risk assessment on virtual assets [VA] and VA service providers in the island nation.
• The risk assessment report, published in July 2022, provides an initial comprehensive assessment of illicit finance risks posed to Seychelles by virtual assets [VA] and VA service providers.

Samanta Esparon, an official from the Central Bank,

• Gave a presentation on the de-risking monitoring project for which Seychelles is expected to host the working group in June.

May-Paule Rabat from the Anti-Corruption Commission of Seychelles

• Took part in the progress review of two-member countries as a review expert.
• The review groups assess the progress made by member countries as part of their reporting obligations after undergoing a mutual evaluation and request for re-ratings to address their shortcomings.

Budget, Finance and Audit Committee of the ESAAMLG

• Seychelles and Mauritius will become the next co-chairs of the Budget, Finance and Audit Committee of the ESAAMLG.

http://m.seychellesnewsagency.com//articles/18501/Anti-money+laundering+Seychelles+upgraded+on++FATF+recommendations