Seychelles
1. Does the Seychelles have a sanctions regime in place?
Yes. The Seychelles must adhere to UN sanctions. Sanctions which are in effect generally apply to:
- any person in the Seychelles
- any citizen of the Seychelles wherever located
- any corporate entity operating in the Seychelles; and
- any corporate entity incorporated or constituted under the laws of the Seychelles (including overseas branches of Seychelles companies).
2. Does the Seychelles implement UN sanctions?
Yes. As a member of the UN, Seychelles implements all UN Security Council resolutions.
3. Does the Seychelles implement an autonomous sanctions regime?
Yes. Seychelles has autonomous sanctions regimes under:
- The Prevention of Terrorism Act 2004
- The Anti-Money Laundering and Countering the Financing of Terrorism Act 2020; and
- Firearms and Ammunition Act 1973.
4. What is the nature of the sanctions regime in the Seychelles?
The most frequently applied measures are:
- arms embargoes
- export controls
- asset freezes and financial sanctions on designated individuals and corporate entities; and
- travel bans on named individuals.
5. Does the Seychelles maintain a list of sanctioned individuals and entities?
Yes. The Financial Services Authority maintains an updated list of individuals and entities sanctioned by the UN. It does not, however, maintain any specific list of individuals and entities sanctioned in Seychelles.
6. Are there any other lists related to sanctions?
No.
7. Does the Seychelles have a licensing or authorization system in place?
The licensing or authorization systems are provided under the relevant legislation. In relation to asset freezes, it is possible to apply to court for a discharge of the freezing orders.
8. What are the consequences for a breach of sanctions in the Seychelles?
There is no specific legislation which prescribes penalties for breach of UN Sanctions. However, there are penalties prescribed under the laws specified above and for offenses covered under these legislations.
9. Who are the relevant regulators in the Seychelles and what are their contact details?
The Financial Services Authority is the regulator for non-bank financial services in the Seychelles and is responsible for licensing, supervision and development.
Financial Services Authority PO Box 991 Bois de Rose Avenue Roche Caiman Victoria, Mahe Republic of Seychelles T: (+248) 438 08 88 http://www.fsaseychelles.sc/
The Seychelles Financial Intelligence Unit is responsible for ensuring compliance with anti-money laundering and counter terrorist financing laws.
Financial Intelligence Unit P. O. Box 7021, Ile Perseverance, Seychelles
T: (+248) 438 34 00 F: (+248) 422 50 02
The Central Bank of Seychelles is the regulator for banking and bureaux de change related services in the Seychelles and is responsible for licensing, supervision and development.
Central Bank of Seychelles P.O.Box 701, Independence Avenue, Victoria, Mahé, Seychelles T: (+248) 428 20 00 F: (+248) 422 61 04 E: enquiries@cbs.sc
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