Enhancing AML/CFT capabilities |23 January 2024
Delegates in a souvenir photograph
Seychelles hosts ESAAMLG workshop for national assessors
Forty prospective assessors from different governmental institutions are taking part in a workshop hosted by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG).
The one-week ‘In Country Assessor Training’ got under way yesterday at the Savoy Seychelles Resort & Spa in Beau Vallon and is aimed at enhancing the capabilities of the National Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) professionals.
In an interview with the press, Secretary of State (SS) Patrick Payet said the assessors will be able to advise the head of institutions on the shortcomings that still exist based on the evolution of the Financial Action Task Force (FATF) recommendations.
“There are 40 recommendations and we need to make sure that we are in compliance with before we do a Mutual Evaluation Assessment,” he stated.
In addition, another advantage of this training is that the prospects can become assessors within the region. This means that ESAAMLG or FATF can ask for staff from governmental institutions to send individuals to do assessments in different countries.
“We have a bigger pool of candidates who we can send who can get that experience and expertise in the domain,” said SS Payet.
This will also make a substantial contribution towards the regional endeavours in countering money laundering and terrorist crimes.
“We expect this course to significantly improve participants of FATF standards on AML/CFT and the implementation of effective measures to combat money laundering and terrorist financing.”
The Mutual Evaluation Report of Seychelles was adopted by the task force and approved by the council of ministers in September 2018 and according to the MER, back then, out of the 40 recommendations, Seychelles was rated partially compliant on 16 recommendations and non-compliant on four.
SS Payet noted that new legal framework has been introduced to review the deficiencies that exist within the AML/CFT regime. To date, Seychelles is either compliant or largely compliant on 34 out of the 40 FATF recommendations.
“The AML/CFT committee will continue to address the remaining six technical compliance shortcomings for discussions for the 2024 ESAAMLG meetings.” The recommendations are looking at the effectiveness of the laws and their application.
The schedule for the third round assessment was approved in September of last year and Seychelles will be starting this round of mutual evaluation in January 2027. “Institutions change, they look at the structure in place to see if it is a robust structure and there are no deficiencies.”
SS Payet said one thing that needs to be worked on is efficiency so that all institutions can coordinate and work together to give the necessary results.
“We have a good legal framework but we need to work on efficiency.”
Sunny Esparon
Photo by Kurtrine Albert