Seychelles’ officials have seized $456,000 worth of ill-gotten assets from drug trafficking, the first such seizure since the National Drug Enforcement Agency (NDEA) extended its mandate to include such an authority late last year. The accused, 32-year old Hubert Alphonse from Pointe Larue, a district in the east of Mahe, Seychelles’ main island, was charged […]

Posted on April 19, 2016 in Africa, Americas, FATCA/CRS, Seychelles, United States The Seychelles government has released guidance notes for financial institutions on how to comply with the FATCA intergovernmental agreement (IGA) between Seychelles and the United States. Seychelles is negotiating a Model 1B IGA with the US. On May 28, 2014, Seychelles agreed in […]

The Seychelles Financial Services Authority (FSA) says it is concerned about the information contained in financial documents leaked from Panama-based law firm Mossack Fonseca.  The FSA said this week that it will examine the issue and soon establish a course of action to take. “The FSA is concerned vis-à-vis the content of these publications, especially […]

The Panama legal firm at the heart of a massive data leak kept clients who were subject to international sanctions, documents show. Mossack Fonseca worked with 33 individuals or companies who have been placed under sanctions by the US Treasury, including companies based in Iran, Zimbabwe and North Korea. One had links to North Korea’s […]

The Financial Services Commission of Mauritius (FSC Mauritius) and the Financial Services Authority of the Seychelles (FSA) have announced the signing of a Memorandum of Understanding (MoU) at the beginning of March. According to the official press release, both regulatory bodies will provide joint support and information exchange. Taking into account the increasing commitment of […]

Three men were convicted in December, 2014 as part of the Serious Fraud Office’s investigation into Sustainable Growth Group (‘SGG’) including its subsidiary companies Sustainable AgroEnergy plc (‘SAE’) and Sustainable Wealth (UK) Investments Ltd (‘SWI’). The Three men [listed below] Were convicted of conspiracy to commit fraud, conspiracy to furnish false information, fraudulent trading and […]

A former French budget minister will appear in court on charges of tax fraud and money laundering that forced him to dramatically resign three years ago in the first political scandal under President Francois Hollande. The trial of Jerome Cahuzac, once a champion in the fight against tax evasion, starts Monday afternoon in the main […]

Seychelles rated ‘largely compliant’ by OECD – continued vigilance and reforms needed to uphold status, says finance minister This follows a re-assessment of the island nation’s ‘practical implementation’ of its legal and regulatory framework in place for the exchange of information. It was in 2013, that the OECD rated Seychelles as non-compliant in two areas […]