Seychelles: Buying Big in Seychelles? If Anti-Money Laundering Bill Passes, You'll Need a Bank

Oct 31, 2018 | Seychelles News Agency: All Africa

A proposed law to counter money laundering in Seychelles will be presented to the National Assembly early next year.

A proposed law to counter money laundering in Seychelles will be presented to the National Assembly early next year. The director of the Financial Investigation Unit (FIU), Philip Moustache, announced the bill last week at State House.

The bill has already been approved by the Cabinet of Ministers. Moustache said that when the anti-money laundering bill comes into law people will need to "show proof of where they get money for huge transactions such as purchasing a new car, boat, land or shares in companies."

The new law will make it mandatory for all transactions valued above $14,000 (SCR20, 000) to go through the banking system. Institutions like the Seychelles Licensing Authority (SLA) or the Registrar office will have the power to the request source of payment for these transactions and will have to report suspected cases to FIU.

The new measures come after a national risk assessment conducted in 2016 and 2017 as well as the recommendations of the Eastern and Southern Africa Anti-Money Laundering Group (ESSAMLG). Seychelles took over the presidency from Tanzania in September at the Council of Ministers meeting which took place in the island nation in the western Indian Ocean. The Group's mutual evaluation report was adopted during that meeting. Read more from All Africa.

 

Source: All Africa