05.19.16

LGBT Rights victory in Seychelles

Posted in International relations, Seychelles government at 2:09 pm by Robert Klien

Same-sex acts are no longer illegal in the Republic of Seychelles, making it one of the few African countries to decriminalize the acts.

On May 18, lawmakers voted for the proposal to amend Section 151 of the country’s Penal Code that named sodomy a felony, punishable with up to 14 years in prison. Fourteen lawmakers voted in favor, others abstained, while 4 were absent.

The amendment comes 3 months after President James Michel’s national address in which he said his government would introduce a bill to abolish Section 151. Michel called the law a colonial remnant and an “aberration” in Seychelles’ “tolerant” society. He reminded the nation of Seychelles’s 2011 agreement with the UN Humans Rights Council to decriminalize homosexuality.

Religious leaders criticized his remarks, saying the proposed bill went against beliefs in this mostly Catholic country.

05.15.16

Seychelles ready to support Sri Lanka’s probe on offshore bank accounts

Posted in International relations, Offshore Banking, Offshore Services, Seychelles government, Seychelles offshore jurisdiction at 2:16 pm by Robert Klien

The government of Seychelles is ready to cooperate with the Sri Lankan government in its efforts to investigate into fraud and corruption, especially with regard to offshore bank accounts and assets in the Seychelles.

The Seychelles is already cooperating with the Sri Lankan government through the Finance Investigation Unit in Seychelles with regard to investigations into any fraud and corruption.

Seychelles Environment, Energy and Climate Change Minister Didlier Dogley said that Seychelles has signed the OECD guidelines for offshore banking to keep offshore dealings transparent. So, all information on transactions can be inspected and checked by authorized bodies. He noted that owners have to be declared for each account opened in Seychelles. Earlier in other jurisdictions, people were able to open a briefcase and didn’t have to declare ownership, while this is impossible today as all jurisdictions are reviewed. The minister said that Seychelles is “one of the countries that is clean” as it is abiding by all international rules.

The Seychelles is ready to help the Sri Lankan government in investigating fraud and corruption. “We have made sure that we are not allowing the wrong people into our country. So if there is any investigation, Seychelles will cooperate as long as it is reciprocal on both sides,” the minister added.

05.01.16

http://www.src.gov.sc/

Posted in Business and Economy, International Organisations, Seychelles government at 1:59 pm by Robert Klien

OECD confirms that Seychelles has appropriate Tax Data Safeguards

The confidentiality safeguards implemented within the Seychelles Revenue Commission (SRC) have been approved by an expert assessment carried out by the OECD’s Global Forum on Transparency and the Exchange of Information for Tax Purposes.

Seychelles has obtained a largely compliant rating from the Global Forum. Also, the jurisdiction has signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters in 2015. To add, Seychelles opted for early adoption in 2017 of the Common Reporting Standards, the new standards in the automatic exchange of tax information (AEOI) between countries developed by the OECD.

In view of the upcoming implementation of AEOI by Seychelles, whereby it will also be able to request information from other tax authorities, the Seychelles Revenue Commission has recognized that an important aspect of the AEOI standard is that data and information it receives should be kept confidential and appropriately safeguarded from improper use and disclosure. So, other jurisdictions that provide tax data can be assured as to its future use.

The Government of Seychelles said that Global Forum experts conducted a confidentiality assessment in November 2015 and have now confirmed their endorsement of the data safeguards put in place by Seychelles.