FSA signs MoU on Info Exchange with Gambling Commission of Alderney

Posted in Business and Economy, Financial Services at 9:28 pm by Robert Klien

The Financial Services Authority (FSA) (former Seychelles International Business Authority (SIBA)) has entered into a Memorandum of Understanding (MoU) with the Alderney Gambling Control Commission (“AGCC”) as regards Mutual Assistance and Exchange of Information.

The document was signed by Ms. Jennifer Morel, the Chief Executive Officer of the FSA and Mr. Jorn Starck, the Executive Director of the AGCC.

By virtue of the Seychelles Gambling Act 2014, the FSA is the regulator of casino, slot machines and interactive gambling business. The AGCC, through the Gambling (Alderney) Law, 1999 is the regulator of gambling on the Island of Alderney, the northernmost of the inhabited Channel Islands.

In consideration of the growing globalization of gambling services, the financial regulators of the two jurisdictions recognize the importance of establishing a framework for mutual cooperation and consultation to ensure compliance to relevant laws and the facilitation of the performance of their respective regulatory functions.

The MoU formalizes the willingness of the two Authorities to cooperate with each other in the interest of fulfilling their respective responsibilities and functions.

The main areas of cooperation under the MoU include mutual assistance and exchange of information, as well as allowing for joint investigations.

The signing of the MoU reveals a continuance of the relationship between the two institutions. It also marks an important step towards the strengthening of its regulatory functions and
the enhancement of its relations with other reputable jurisdictions.

Seychelles’ situation getting better, IMF says

Posted in Business and Economy, International Organisations, Seychelles government at 4:31 pm by Robert Klien

According to the International Monetary Fund (IMF), Seychelles has made “remarkable progress” on strengthening its economy and finances.

Since the 2008 financial crisis, the jurisdiction has been working with the IMF to improve its economy and reform its fiscal policies. According to the IMF,  these actions have driven “strong economic growth as well as noticeable improvement in fiscal and external position as well as a reduction in debt.”

The IMF said that Seychelles’ economic performance has been robust in 2017, adding that the primary fiscal surplus for the year is expected to reach 2.5% of GDP in line with the authorities’ target. So, it noted that “Growth outlook for 2018 remains positive, buoyed by the tourism sector”.

However, the IMF warned that “Seychelles still faces vulnerabilities and pressures, as a small island economy in a challenging global economic environment.” In order to manage these issues, the jurisdiction has entered into a 3-year arrangement with the IMF to receive intensive support on developing and implementing pro-growth economic policies.

The IMF discussed a number of potential measures with the authorities of Seychelles aimed to ensure continued fiscal discipline and progress towards the debt reduction goals.