In July 2020, the government of Seychelles approved its first National Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Strategy (the “Strategy") which comprises 5 key strategic objectives which ultimately aim at addressing the deficiencies identified by the 2017 National Risk Assessment and the 2018 Mutual Evaluation Report. These are listed as follows:

• Enhancing Seychelles’ AML/CFT legal framework consistent with international standards of combating Money Laundering (ML), terrorism financing and proliferation financing;
• Strengthening domestic and international cooperation in the fight against money laundering, terrorism financing and proliferation financing;
• Developing capacities of relevant public and private sector entities to combat money laundering, terrorism financing and proliferation financing;
• Implementing effective risk-based supervision and enforcement of AML/CFT and countering proliferation financing; and,
• Strengthening intelligence, investigations, confiscation and prosecution of money laundering, terrorism financing and proliferation financing.

A series of actions have been devised and will be implemented to ensure that the above objectives are met at the earliest. Several laws, aimed at reinforcing the Seychelles AML/CFT framework, have already been enacted while others will be tabled before the National Assembly including the following:

• the new AML/CFT Act, 2020;
• the Beneficial Ownership (BO) Act, 2020;
• the Proceeds of Crime (Civil Confiscation) (Amendment) Bill, will be tabled before the National Assembly for approval.

It is expected that Seychelles will complete the implementation of its Strategy by the end of 2022.