Seychelles’ Government denies pirate claims

Posted in International relations, Seychelles Culture at 8:36 pm by Robert Klien

The government of Seychelles has denied claims published in a British newspaper that the jurisdiction has become popular with pirates and has reached a deal with them on their activities.

These claims were made in an article published in The Independent. This article was related to the disappearance of a yacht with 2 British sailors on board after it left Seychelles on October 22.

The President’s Office said in a press release that Seychelles has 1.4 million sq. km of ocean as part of its exclusive economic zone (EEZ), and 115 islands, and there is no evidence that the jurisdiction’s islands are being used by pirates as suggested by the newspaper.

Also, the government of Seychelles has denied making any “deals with the pirates which would allow them to operate as long as they do not affect the interests of Seychelles,” as alleged in the article.

It was added in the press release.


Regional states meet in Seychelles to draw up anti-piracy plan

Posted in International relations at 7:44 pm by Robert Klien

In the middle of October, delegates from countries of the region were meeting in Seychelles in order to draw up a plan of action against piracy as well as to strengthen ties with international bodies.

A 5-day seminar held at the Seychelles Trading Company’s conference room has attracted over 70 representatives from Madagascar, Maldives, Yemen, Comoros, Djibouti, Ethiopia, and Kenya. Also, the seminar was attended by international speakers and observers from the International Maritime Organisation (IMO) and Interpol.

The meeting aimed at drawing up a draft action plan in order to implement the Djibouti Code of Conduct, an anti-piracy agreement signed on January 29, 2009 by 10 regional countries.


Outcomes of Seychelles’ talks with IMF and World Bank

Posted in International Organisations, International relations at 7:42 pm by Robert Klien

It has been described before that Seychelles’ Minister of Finance said the jurisdiction’s presence at the meeting of the International Monetary Fund and the World Bank was highly productive. The meeting was held in Istanbul, Turkey. Also, other useful meeting were held when the Seychelles’ delegation was visiting Turkey.

As regards trade development, Minister of Finance Mr Faure and his delegation held intensive talks with the Turkish Minister of Foreign Trade Zafer Ça?layan. Faure has recently revealed that the 2 jurisdictions are to start talks on a free trade agreement soon. This treaty will be beneficial for local consumers and businessmen. The 1st round of the negotiations is expected to take place in November.

Mr Faure also spoke at the small states forum that was attended by World Bank president Robert Zoellick. At the forum, Faure presented a report on an e-learning project prepared by the Ministry of Education.


Seychelles’ talks with IMF and World Bank were productive

Posted in Business and Economy, Double Taxation Agreements, International Organisations, International relations, Offshore Services, Seychelles government, Seychelles IBC, SIBA at 9:54 am by Robert Klien

Seychelles’ Minister of Finance Danny Faure has said that the jurisdiction’s presence at the meeting of the International Monetary Fund and the World Bank held last week in Istanbul, Turkey, was highly productive.

Having returned after leading a high-level delegation to the annua meetings, Faure said that the team met finance ministers and executive board directors of the 2 institutions. These were bilateral discussions where Seychelles was seeking the same 45% debt cancellation as it received from the Paris Club from other creditors including China, India, the UAE, Malaysia, Algeria, and Libya. The Minister confirmed that Malaysia has already approved a cancellation of 45% of the total debt of USD 12.1 million, so USD 5.5 million has been canceled.

According to Faure, the result of these meetings was very encouraging because Seychelles received much support and encouragement for its reforms.

Also, in Istanbul, Faure discussed the restructuring of Seychelles’ commercial debts with Dr Donald Kaberuka, African Development Bank president.


Seychelles’ Central Bank comments on Foreign Exchange Law

Posted in Business and Economy, Seychelles banking at 1:44 pm by Robert Klien

On October 12, a team led by Central Bank governor Pierre Laporte explained the requirements of the Foreign Exchange Act for those who use both the rupee and foreign currency in order to complete their transactions.

At a meeting that was held at the International Conference Centre, the Central Bank representatives answered questions of a 150-strong audience. Most of the visitors came from the tourism industry. This meeting was organised in order to explain, in a transparent manner, the provisions of the law after as far as, according to Laporte, many people had called the Central Bank asking to clarify certain aspects of the Foreign Exchange Act.

Laporte stressed that hotels must not set their own exchange rates, so, customers will know how much approximately they will be expected to pay for goods and services.

According to Laporte, goods and services should be advertised in rupees. However, there is an exception for adverts that appear abroad or on the Internet where they may be meeting both local and overseas clients. In the above-mentioned cases both the rupee and another currency are allowed.

Also, Laporte said that even though the demand for the local currency is increasing and many old notes are being withdrawn, the Central Bank of Seychelles does not intend to print any new notes over the next 2-3 years. The jurisdiction has enough notes that are not in circulation.


Seychelles and Monaco agree to sign Tax Agreement

Posted in Bilateral Treaties, International relations, SIBA at 11:22 am by Robert Klien

As a result of the negotiations, the governments of Seychelles and Monaco agreed to sign the treaty aimed to avoid double taxation and prevent fiscal evasion with respect to taxes on income.

These talks began on October 5 and completed with a draft agreement, which will be presented to the government in order to be further considered.

The talks were held by senior government officials from the ministries of Finance and Foreign Affairs, the Seychelles Revenue Commission and the Seychelles International Business Authority (SIBA) from the Seychelles and Pierre-Jean Douvier, technical consultant at the Department of Finance and Economy, represented the Principality of Monaco.