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Seychelles FSA To Act On Panama Papers

by Lorys Charalambous, Lowtax.net, Cyprus
12 April, 2016

The Financial Services Authority has expressed its concern about the revelations regarding Mossack Fonseca and Co (Seychelles) Ltd within the leaked "Panama Papers."

The FSA commented that it is "mandated, inter alia, to supervise and regulate the financial services industry in the Seychelles. … As such, the FSA condemns any act or attempt of money laundering, financing of terrorism, corruption, any criminal activity and malpractices especially by any of its licensees, regulated persons, or clients [that use] services within the jurisdiction."

The FSA said the Seychelles has "shown its steadfast commitment and adherence to international best practices, particularly in regards to the international initiatives relating to improving transparency. One result of that commitment has been the Seychelles obtaining a largely compliant rating by the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes in 2015, which attests to the mechanisms introduced to ensure that, amongst other things, ownership and accounting information is available in Seychelles."

"In a similar vein," it added, "the Seychelles became the 85th signatory of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters on the February 24. 2015. The Seychelles also opted for early adoption of the Common Reporting Standards, the new standards in automatic exchange of information between countries developed by the OECD."

The FSA concluded that it "is confident that there is in place a robust legal and regulatory framework, including modern anti-money laundering legislation, to which licensed service providers are subject. In cases where any non-compliance and/or malpractices are identified, the relevant authorities in the Seychelles will intervene appropriately."

It confirmed it will be "undertaking further inquiries and examinations into this matter in order to establish the course of action that it shall be undertaking to ensure that the reputation of Seychelles is safeguarded."

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