Further Reports

4 February 2013  -  Extract from IMF Report: Seychelles: Sixth Review Under the Extended
Arrangement and Request for an Extension of the Arrangement and Augmentation of Access: -

"Seychelles has taken major steps in its endeavor to fight money laundering, financing of terrorism
and to improve international tax co-operation. In 2012 we made comprehensive amendments to
the Anti-Money Laundering (AML) Act to enhance the independence of our Financial Intelligence
Unit (FIU), to establish a time-frame for its administrative freezing of suspected assets and to
oblige related parties to supply documents, information and other material for investigative
purposes. FIU is in the process of recruiting more staff to increase efficiency, improve its
compliance function and to speed up the resolution of cases. We have also made important strides
in strengthening our legislative framework that governs offshore activities. Following on
recommendations of the last peer review report of the OECD Global Forum on transparency and
exchange of information for tax purposes, amendments were made to several laws governing
offshore financial sector activities such as trusts, foundations and funds as well as the taxation of
these entities. OECD has since classified Seychelles as fully compliant with its international
standards of exchange of information. These amendments should also facilitate international co-
operation once Seychelles is admitted as a member of the Egmont Group."

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11 September 2012  - Extracted from IMF Report: Seychelles: Fifth Review Under the
Extended Arrangement, Request for Modification of Performance Criteria, and Financing
Assurances Review

'Seychelles has taken major steps in its endeavor to fight money laundering, financing of terrorism
and to improve international tax co-operation. We recently made amendments to the Anti-Money
Laundering (AML) Act, to enhance the independence of our Financial Intelligence Unit (FIU) and
establish a time-frame for its freezing of suspected assets. FIU is in the process of recruiting more
staff to increase efficiency and speed up the resolution of cases. We have also made important
strides in strengthening our legislative framework that govern offshore activities. Following on
recommendations of the last peer review report of the OECD forum for fiscal transparency and
exchange of information for tax purposes, amendments were made to the legislation governing
offshore financial sector activities such as trusts and funds, as well as their taxation. These
amendments should also facilitate international coordination, including through Seychelles’ entry
into the Egmont group.'

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