NATIONAL AML/CFT COMMITTEE
The National Anti-Money Laundering and Countering the Financing of Terrorism Committee (“NAC”) was formally established by the Minister of Finance, Trade, Investment and Economic Planning in February 2019 and legislated through the AML/CFT Act 2020, which is Chaired by the Secretary of State of Finance. This platform regroups the Heads of 11 critical public bodies which are indispensable to the process of strengthening the Seychelles’ AML/CFT regime. The overarching role of the Committee is to advise the Government on the development of effective regulatory, supervisory, law enforcement and prosecutorial policies to combat Money Laundering, Terrorist Financing and Proliferation Financing whilst maintaining a conducive and efficient business environment. These bodies are:
The Committee is Chaired by the Secretary of State in the Ministry of Finance, Trade, Investment and Economic Planning.
The Director of the FIU plays a key role as the national centre for receipt and analysis of suspicious transaction reports and other information relevant to money laundering, associated predicate offences and terrorist financing and for the dissemination of the results of that analysis. The FIU is critical to the AML/CFT regime as where is also acts as the Secretariat of the Committee.
The Governor of the Central Bank plays a key role in the fiscal stability of the country and also acts as the AML/CFT supervisor for most of the financial institutions operating in Seychelles.
The CEO of the FSA is an additional AML/CFT supervisor that regulates some financial institutions, casinos and other important reporting entities. The FSA’s inputs are critical to establishing a comprehensive AML/CFT regime.
The AG is the highest-ranking law enforcement official in Seychelles and as such is the driving force in pursuing prosecutions of criminal offences to include ML/TF and related offences. In addition, the AG provides the necessary leadership concerning drafting AML/CFT legislation and regulations spearheading Seychelles commitment to meet its international obligations.
The Registrar General plays a key role in providing civil and administrative services on behalf of the government and is a key stakeholder in contributing to an effective AML/CFT regime through the registration of companies and associations that can be used to launder criminal proceeds.
The CEO of ACCS is an additional law enforcement body in Seychelles with a complex and important mandate. The ACCS focuses on significant corruption investigations that often have an element of money laundering.
The Commissioner of the Seychelles Police force is the Commander of all police units in Seychelles and leads the specialized units such as the Financial Crimes Investigative Unit and the Anti-Narcotics Bureau that investigate proceeds generating crime to include money laundering.
Commissioner General of the Seychelles Revenue Commission manages the Customs and Tax authorities who play a critical role in combating ML/TF while working the cross-border movement of goods and people. In addition, the tax authorities have access to important tax information that can support analysis and investigations into money laundering and even terrorism financing offenses.