Financial Services Reforms Committee holds first meeting |29 April 2021
Members of the committee during their first meeting
Members of the newly created Financial Services Reforms Committee met for the first time on Tuesday this week to kick-start the crucial work of developing the sector but at the same time ensuring the development is in line with all international standards.
The creation of the Committee follows the call for reforms in the financial services made by the Minister for Finance, Economic Planning & Trade, Naadir Hassan, when he delivered the 2021 budget speech in the National Assembly on February 16.
When addressing the members of the Committee, Minister Hassan emphasised on the need to develop the sector because its contribution to the economy can be boosted further.
“By reforming the sector, which is dynamic and keeps moving, we need to adopt in order to stay relevant to new circumstances. The reforms will enable Seychelles’ financial sector to survive and thrive and contribute to the wealth of the country.”
During this first working session, chaired by the secretary of state in the Ministry of Finance, Economic Planning & Trade, Patrick Payet, it was announced that the ministry has created a division, Financial Services Development, which will coordinate all efforts to develop the financial services sector.
SS Payet, the current chairperson of the National Anti-Money Laundering and Countering of the Financing of Terrorism Committee, will also chair this Financial Services Reforms Committee.
The main objective of the Committee is to serve as an advisory body and encourage all stakeholders to work collaboratively to provide advice to the Ministry for Finance regarding the financial sector reform and make Seychelles a modern, reputable and transparent jurisdiction offering valued financial services products.
The committee is tasked with working on a Financial Sector Strategy for Seychelles and will have a coordinate approach on new products development in order to assess the impact they might have on the international standards requirements.
At the first meeting, members of the Committee adopted their Terms of Reference and had discussions on various issues, such as:
- Financial Sector Strategy for Seychelles
- AML/CFT, EU and OECD Reforms and
- New product development
The Committee consists of 10 members, comprising a representative of the Ministry of Finance, Financial Services Authority (FSA), Seychelles Revenue Commission (SRC), Central Bank Seychelles (CBS), Seychelles International Financial Services Association (Sifsa), Seychelles Bankers Association, Seychelles Chamber of Commerce and Industry (SCCI), Securities Exchange and Insurers Association of Seychelles.
To note, Sifsa is the only organisation which has 2 members on the Committee, the rest has only one representative.
“A lot of work has been done already to ensure compliance, but more needs to be done as the country’s reputation has to be always taken into consideration. But with your work, I am convinced that the financial services sector can become a real pillar of the economy,” pointed out Minister Hassan.
The Financial Services Reforms Committee will meet once a month.
Press release from the Ministry of Finance, Economic Planning & Trade