Preventing money laundering and terrorism financing in Seychelles

With a close partnership with the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), Seychelles aims to strengthen measures against money laundering.

Compliance with FATF recommendations : Significant Leap

Patrick Payet, the Secretary of State for Finance, underscores the importance of this collaboration, particularly in light of the Financial Action Task Force’s (FATF) recommendations. In this regard, Seychelles has made remarkable progress, now aligning with all 34 recommendations issued by FATF.

This achievement follows the 2018 evaluation of Seychelles, where the country needed more compliance with 20 recommendations. FATF’s recommendations provide a comprehensive framework guiding countries in combating money laundering, terrorism financing, and the proliferation of weapons of mass destruction.

Training for Potential Evaluators

ESAAMLG is actively training a group of Seychellois professionals, a unique opportunity highlighted by Payet. The week-long on-site training will equip 40 potential evaluators from diverse government organizations with essential tools for upcoming mutual assessments. The training prepares evaluators for local assessments and enhances expertise that can be shared within the region.

These trained experts may be called upon by ESAAMLG or FATF to assess other countries, contributing to bolstering regional capabilities in preventing money laundering. Richard Rampal, the Director of the Financial Intelligence Unit (FIU), emphasizes the critical role of training in this intricate field. Rampal notes, « This expertise contributes to the entire value chain of combating money laundering, from preventive measures to investigations and legal proceedings ».