SIBA selects World-Check for Compliance

Posted in Seychelles offshore jurisdiction, SIBA at 11:17 pm by Robert Klien

Recently, the Seychelles International Business Authority (SIBA) has subscribed to the top provider of structured intelligence on heightened risk individuals and entities called World-Check. This was done to facilitate SIBA’s due diligence reviews of submissions for registration and application of licenses.

A new subscription signifies that SIBA aims to ensure that the Seychelles is in compliance with internationally accepted standards and best practices when maintaining its reputation of a well-established offshore financial centre.

World-Check database of heightened risk individuals and entities is a famous must-have in any protocol related to anti-money laundering, counter-terrorist financing and fraud prevention. It is considered reliable by more than 2 000 institutions that include 46 of the world’s 50 largest financial institutions and hundreds of government agencies. They use World-Check to check the potential risk for their customers, applicants, associates, employees and transactions.

SIBA will join the above-mentioned institutions already counting on World-Check.

Implementating World-Check is one of SIBA’s activities aimed to enhance the effective framework, which is a part of “Know Your Client” procedures that should be conducted in accordance with internationally standards.


Seychelles appoints 3 sub-committees

Posted in Seychelles government at 11:54 pm by Robert Klien

On June 12, 2007, during the sitting, 3 new sub-committees of the National Assembly were appointed.

These are as follows:

  • the International Affairs Committee,
  • the Standing Orders Committee, and
  • the Finance and Public Accounts Committee.

The International Affairs Committee was appointed as tabled by Waven William, a member of the same committee hinself in the last assembly. Its members are Waven William, Joseph Francois, Ginette Gamatis, Jennifer Vel and Clifford Andre from the SPPF, and Nicholas Prea and Hardy Lucas from the Opposition.

The Standing Orders Committee is made up of Wilby Lucas, Terrence Francoise, Mitcy Larue, Marc Naiken and Jeovanna Charles from the ruling Seychelles People’s Progressive Front, and Bernard Georges and Frank Elizabeth from the Opposition.

The Finance and Public Accounts Committee includes Terrence Mondon, Marc Volcere, Andre Pool, Vicky Theresine and Bernard Adonis from the Seychelles People’s Progressive Front, and David Pierre and Jean-Francois Ferrari from the Opposition.

After the appointments, the 3 new committees have been asked to appoint chairpersons and terms of reference. This information will be presented by them to the assembly for approval soon.


Bulgarians heading to Seychelles

Posted in Tourism industry at 3:22 pm by Robert Klien

According to the tourism industry officials, in recent years, Seychelles is turning into one of the top destinations for Bulgarian tourists attracted by exotic location and reasonable prices.

It is also important that Seychelles has a consulate in Sofia, which has been popularising the Seychelles islands as a tourist destination. According to Anna Butler Payette, chief of one of the biggest tour operators in the Seychelles – 7 Degrees South Ltd. tourist agency, the activeness of the Seychelles’ councilship is the main reason for the popularity of the destination.

7 Degrees South Ltd. is also one of the fastest growing tour operators in Seychelles, which focuses its marketing strategy on developing and offering new services and exploring the markets, where Seychelles is not represented as a tourist destination.


Seycheles expects dynamic relations with Saudi Arabia soon

Posted in Bilateral Treaties, International relations at 10:13 am by Robert Klien

Last weekend Seychellois President James Michel travelled to Saudi Arabia, where he met with the Crown Prince of Saudi Arabia, Saud Abdul Aziz Al Saud. Later, he said that this meeting marked the start of the dynamic relations of Saudi Arabia with Seychelles.

President Michel returned on June 10 and talked to journalists. Acording to him, both bilateral and international issues were discussed by him and the Crown Prince.

President Michel said that during his visit he had an audience with the Crown Prince and met members of the government and of the Royal family to discuss “bilateral relations and also world issues in which Saudi Arabia is involved and diplomatic activities in the region”.

He also said that “this visit has opened new avenues of cooperation between Saudi Arabia and Seychelles” as it was the 1st visit at this level and both countries have agreed to intensify avenues for further bilateral cooperation. President James Michel assured the journalists that Seychelles will see the results of the visit very soon.


Russias Federal Tax Service to knuckle down to DTA with Seychelles

Posted in Double Taxation Agreements, International relations at 9:03 pm by Robert Klien

According to Russia’s Federal Tax Service (FTS), Russia needs to sign agreements on swapping tax information with the Seychelles and other offshore jurisdictions.

In the beginning of June, deputy head of Russia’s FTS, Konstantin Sedov, announced that in order to exchange tax information with the Seychelles, the British Virgin Islands, Gibraltar, the Normandy Islands and other offshore countries agreements are to be signed.

Russia has signed double taxation agreements (DTAs) with most countries, however, Sedov said that tax agencies are exchanging information through those agreements only on direct taxes. According to Sedov, to improve the exchange of information between countries on indirect taxes, it is needed to extend these agreements to indirect taxes. It is important for Russia to develop a mechanism to conduct joint tax audits. Currently, such control measures are envisioned in intergovernmental agreements with CIS countries and interagency agreements with the agencies of Sweden, Norway and Denmark.

The proposal has been sent by FTS to the Russian Finance Ministry that is expected to consider holding the relevant talks with the corresponding agencies of foreign governments, the Seychellois government includingly.


New Authority to oversee non-bank financial services

Posted in Seychelles legislation, Seychelles offshore jurisdiction at 10:51 am by Robert Klien

It is being proposed to establish a body corporate responsible for the administration of laws related to non-bank financial services. The Bill seeking to have a Non-bank Financial Services Authority was published in Official Gazette on April 23, 2007.

In accordance with the Bill, the Authority will initially perform the functions designated in the Mutual Funds Act, 1997; the Insurance Act, 1994 and the Securities Industry Act, 1995. It will consist of:

  • the Governor of the Central Bank,
  • the principal secretary in the Ministry of Finance,
  • the Attorney-General,
  • a managing director,
  • 3 members from the private sector,
  • a member nominated by the Minister for Finance and appointed by the President.

The execution of the policy and the everyday management of the business of the Authority will be responsibilities of the managing director.

The Authority may set up committees in order to advise it on specific matters, as well as establish departments in order to efficiently discharge its functions.

The Authority’s objectives will be the following:

  • to monitor, supervise and coordinate the conduct of non-bank financial services;
  • to formulate appropriate national policies and advise the government on the regulation of non-bank financial services;
  • to promote and develop Seychelles as a centre for the provision of non-bank financial services;
  • to protect and enhance the reputation of Seychelles as an international financial services centre.

Within 60 days after the end of a financial year, the Authority shall submit a report on performing its functions during that to the Minister for Finance. The Minister shall have the report be tabled in the National Assembly.