Seychelles

Global sanctions guide

Saudi Arabia
Singapore
  1. Does the Seychelles have a sanctions regime in place? 

Yes. The Seychelles must adhere to UN sanctions. Sanctions which are in effect generally apply to:

  • any person in the Seychelles
  • any citizen of the Seychelles wherever located
  • any corporate entity operating in the Seychelles
  • any corporate entity incorporated or constituted under the laws of the Seychelles (including overseas branches of Seychelles companies)
  1. Does the Seychelles implement UN sanctions? 

Yes. As a member of the UN, the Seychelles must implement all UN Security Council resolutions.

  1. Does the Seychelles implement an autonomous sanctions regime? 

Yes. As well as following the sanctions put in place by the UN, the Seychelles has autonomous terrorist sanctions regimes under:

  • The Prevention of Terrorism Act
  • The Anti-Money Laundering Act 2006
  • Immigration Decree
  • Firearms and Ammunition Act 1973
  1. What is the nature of the sanctions regime in the Seychelles? 

The most frequently applied measures are:

  • arms embargoes
  • export controls
  • asset freezes and financial sanctions on designated individuals and corporate entities
  • travel bans on named individuals
  1. Does the Seychelles maintain a list of sanctioned individuals and entities? 

Yes. The Financial Services Authority maintains an updated list of individuals and entities sanctioned by the UN. It does not, however, maintain any specific list of individuals and entities sanctioned in the Seychelles.

  1. Are there any other lists related to sanctions? 

No.

  1. Does the Seychelles have a licensing or authorisation system in place? 

Yes. The licensing or authorisation systems are provided under the relevant laws. In relation to asset freezes, it is possible to apply to court for a discharge of the freezing orders.

  1. What are the consequences for a breach of sanctions in the Seychelles? 

It is a criminal offence to breach sanctions in the Seychelles. The penalties for a breach vary depending on the offence committed. For example, under the Prevention of Terrorism Act, any person who commits a terrorist act that causes the death of a person shall, on conviction, be liable to imprisonment for life, whilst any other terrorist act shall be sanctioned by imprisonment for a period of not less than 7 years and not more than 30 years. On the other hand, every person who provides or collects by any means directly or indirectly any funds intending, knowing or having reasonable grounds to believe that the funds will be used in full or in part to carry out a terrorist act commits an offence and shall, on conviction, be liable to imprisonment for a term not less than 7 years and not more than 20 years.

  1. Who are the relevant regulators in the Seychelles and what are their contact details?

The Financial Services Authority is the regulator for non-bank financial services in the Seychelles and is responsible for licensing, supervision and development.

Seychelles
PO Box 991
Bois de Rose Avenue
Roche Caiman
Victoria, Mahe
Republic of Seychelles

T: (+248) 438 08 00
http://www.fsaseychelles.sc/

The Seychelles Financial Intelligence Unit is responsible for ensuring compliance with anti-money laundering and counter terrorist financing laws.

T: (+248) 236 6332

Contributor law firm

Mark Holligon, Appleby, 33-37 Athol Street, Douglas, IM1 1LB

T: +44 (0) 1624 647 691
F: +44 (0)1624 620 992
MHolligon@applebyglobal.com
http://www.applebyglobal.com/