Finance minister welcomes approval of bills |04 March 2021

Finance, Economic Planning and Trade Minister Naadir Hassan has welcomed the approval by the National Assembly of Seychelles of four bills which will ensure the right climate for the development of the financial sector.

After a full day of debate on Tuesday March 2, members gave their approval on the amendments on all four bills:

• Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Bill, 2021
• Beneficial Ownership (Amendment) Bill, 2021
• Mutual Assistance in Criminal Matters (Amendment) Bill, 2021
• Extradition (Amendment) Bill, 2021

Minister Hassan noted it is important that the local laws are on par with international standards.

“It is important that the weaknesses which have been identified as part of the Mutual Evaluation Report in 2018 are rectified, so as not to compromise the reputation of our jurisdiction, and not put our banking system at risk,” said Minister Hassan.

He said, identifying and rectifying the weaknesses in the laws regulating the financial sector is also in line with the government’s long-term strategy to modernise the sector.

“The aim is to ensure that the financial sector contributes more to the economy, but keeping in mind we should respect our international obligations and requirements.”

Minister Hassan points out that the reforms are not only focusing on the laws, but how to completely revolutionise the financial sector which was set up in the 1990s to bring it on par to today’s reality.

The modernisation of the financial sector is possible, because Seychelles now has a very strong workforce of young Seychellois professionals to take up the task, not only in government but also in the international financial industry.

“Today, we have the human capacity to develop the sector and meet the international requirements being asked of us.”

The approved bills are meant to address concerns raised by international organisations, on the country’s Mutual Evaluation Report to minimise the risk on the financial sector.

Seychelles will also be asking for a re-rating during the ESAAMLG meeting in September 2021 to some of its recommendations that were ranked ‘partially compliant’ or below, so it can improve its international ranking, on those recommendations to at least ‘largely compliant’.

Press release from the Ministry of Finance, Economic Planning and Trade