CBS and SRC sign MoU to enhance cooperation in areas of mutual interest |24 June 2021

The signing ceremony

The Central Bank of Seychelles (CBS) and the Seychelles Revenue Commission (SRC) have formalised their commitment to greater cooperation and consultation to assist the fulfilment of their respective objectives, through a memorandum of understanding (MoU) between the two institutions.

The MoU was signed yesterday morning by the Governor of CBS, Caroline Abel, and Commissioner General of the SRC, Veronique Herminie, in a short ceremony held at the CBS building.

Both CBS and SRC are part of the National Anti-Money Laundering and Countering the Financing of Terrorism Committee (NAC). This engagement further enhances collaboration the two institutions have formalised with other relevant regulatory, supervisory and law enforcement bodies represented on the NAC.

The MoU intends to foster greater cooperation, particularly on the aspect of exchange of information; improve the implementation of the relevant regulatory framework; facilitate awareness initiatives and capacity building targeting staff of the two institutions and relevant stakeholders, among other areas of mutual interest.

“In the discharge of our functions, having the appropriate regulatory framework and ensuring adherence to the different laws, identifying potential risks that may affect our financial system and the country’s financial stability and standing when measured against international norms and standards, are of utmost importance. This is particularly relevant given the role of our respective institutions in revenue collection and the preservation of financial stability. This MoU, therefore, establishes a platform through which CBS and SRC will be able to work more closely as they endeavour to successfully achieve their objectives and collaborate to assist in improving identified weaknesses and deficiencies that may affect the country’s reputation,” said Ms Abel.

For her part, Mrs Herminie said: “SRC holds a bank of statistics and data that are vital for financial and economic planning. Bearing in mind the limitations each of us have with regard to sharing of information, this MoU thus sets forth the parameters for mutual exchange of information for the continuous stability of the Seychelles economy. The SRC also relies on the CBS for the provision of certain revenue-related services and the MoU will ensure better cooperation for revenue collection.”

The MoU is being made publicly available on the websites of both the CBS and SRC.

Joint press release from the CBS and SRC