FIU launches the beneficial ownership database |04 November 2021
As of November 2, 2021, the Financial Intelligence Unit (FIU) has launched an online registration platform called the beneficial ownership database.
The BO Live is for the registration of resident agents for the purpose of the BO population.
This was announced by the Registrar General Wendy Pierre and the director of FIU Richard Rampal in a press conference held yesterday at the Ministry of Finance at Liberty House.
Ms Pierre explained that the announcement follows on development on the Beneficial Ownership Act.
“We have started a sensitisation programme on Praslin and La Digue with the intention of raising awareness of the Act especially for the domestic sector. Most of the concerned associations, domestic companies and partnerships have been registered with the Registrar of Companies. There was a deadline for the companies to fulfil certain obligations and on November 2, it was the deadline for them to start populating the beneficial ownership database. This is why it is important for us to come together with the FIU to announce that the database is now accessible online and it is expected that all domestic entities start discharging their obligations by populating the database with information pertaining to their beneficial owners,” Ms Pierre explained.
She went on to note that the concept of beneficial ownership is quite new to our domestic entities and that is why they have launched an awareness campaign.
This will continue on Mahé and both the office of the Registrar and the FIU remain at the disposal of the public for more clarifications.
Mr Rampal gave a thorough explanation on how the system functions.
“Seychelles FIU’s online platform for the population of beneficial ownership information for all legal persons and legal arrangements is available to resident agents of legal persons and legal arrangements as defined under Section 3 of the Beneficial Ownership Act 2020. In order to access the online platform, you first need to register as a new organisation using the link provided,” he explained.
Once the data is filled in, they will be verified by the FIU and if there is any suspicion, actions will be taken.
“I want to make it clear that these information are sensitive and confidential and no one will have access to them. If any changes are to be made to the beneficial owners, they will have to fill in the forms with the appropriate data.”
Mr Rampal also remarked that international standards and requirements for identifying and registering beneficial owners, established by such bodies as the Organisation for Economic Co-operation and Development (OECD) and the Financial Action Task Force (FATF) and the legislation in Seychelles is based on such standards and best practices.
“Domestic companies, partnerships, associations under the purview of the FIU will have a later date for compliance, precisely January 31, 2022, recognising that the beneficial ownership concept will be new to many. Accordingly by January 31, 2022, it will be mandatory for all domestic companies, partnerships, associations to maintain a register and identify their beneficial owners with an up-to-date register of all the beneficiaries to be kept at all times,” explained Mr Rampal.
Beneficial ownership is a term in domestic and international commercial law which refers to the natural person or persons who ultimately own or control a legal entity or arrangement such as a company, a trust, or a foundation.
Should anyone have queries please do not hesitate to contact the FIU on Tel: (+248) 4383431 and 4383470 or email to beneficial.ownership@fiu.sc for assistance.
Vidya Gappy
