Notices Come here from time to time to get news, insights and guidance from the Seychelles . Seychelles receives positive rating on 5 FATF anti-money laundering measures The Seychelles has been upgraded on five recommendations by the Financial Action Task Force (FATF) following the 45th meeting of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG). The upgrade shows progress in strengthening measures to tackle money laundering and terrorist financing. Seychelles has made progress in addressing deficiencies against recommendations 5, 19, 25, 28, and 34, relating to terrorist financing offense, higher-risk countries, transparency and beneficial ownership of legal persons, regulation and supervision of designated non-financial business or professions, and guidance and feedback. Seychelles is now compliant or largely compliant with 34 of the 40 FATF recommendations. The … Seychelles receives positive rating on 5 FATF anti-money laundering measures Read More » Seychelles deemed low-risk for non-profit organizations financing terrorism Seychelles has been assessed as having a low risk of non-profit organisations (NPOs) being used to finance terrorist activities, according to a national risk assessment report. The report was validated at a workshop at the Eden Bleu hotel, and is part of the National Risk Assessment for Non-Profit Organisations (NPOs) launched in 2022. The assessment is intended to identify and understand the risks to the NPO sector and to determine whether Seychelles is compliant with international standards set by the Financial Action Task Force (FATF). The validation of the report showed that Seychelles has a very low risk of NPOs … Seychelles deemed low-risk for non-profit organizations financing terrorism Read More » Fitch Ratings has announced that Seychelles’ credit ratings remain at ‘BB-‘ Fitch Ratings has announced that Seychelles’ credit ratings remain at ‘BB-‘ with a stable outlook in 2023. The ratings reflect the country’s solid tourism recovery, stable growth prospects, low inflation, and a stable economic framework. The Seychelles tourism sector had a solid recovery in 2022, with tourist arrivals surging by 82% YoY, reaching 86.4% of 2019 levels. However, Fitch warned that global economic uncertainty and competition from other high-end tourism destinations may lead to a slowdown in visitor growth to an estimated 5% in 2023-2024. Despite continued visitor growth, Fitch expects tourism receipts to decline by about 14% in 2023 … Fitch Ratings has announced that Seychelles’ credit ratings remain at ‘BB-‘ Read More » Seychelles is currently developing a national policy to regulate virtual assets. Seychelles is developing a national policy on virtual assets in response to an increasing number of complaints regarding activities using cryptocurrency. The country’s finance minister, Naadir Hassan, revealed that a report on a national risk assessment done by the Financial Services Authority (FSA) had prompted the move. The policy will aim to provide a legal framework for virtual asset activities to be better regulated in Seychelles and to safeguard the public. The objectives of the framework will be to establish legal provisions to register virtual asset businesses and provide licenses depending on the activities allowed in the country. Seychelles Tax System 2023 The Seychelles Tax System operates on a territorial tax regime where only income sourced in Seychelles is liable to tax. The definition of Seychelles sourced income includes income from business activities conducted, goods situated or rights used within Seychelles’ physical territory. Any income earned outside of Seychelles is considered non-Seychelles sourced income, also known as non-taxable business income. This includes income earned by a Seychelles business in an overseas jurisdiction or passive income, such as dividends, interest, royalties, rents, and other forms of income received by a Seychelles resident from a non-resident. However, effective September 16, 2021, the Seychelles Tax … Seychelles Tax System 2023 Read More » Seychelles regulatory framework for payment systems to be updated soon The Seychelles Cabinet of Ministers has approved new rules to regulate payment systems and services, which will be updated to align with international standards and improve efficiency.The amendments will be made to the National Payment System Act, which currently gives the Central Bank of Seychelles the power to regulate and oversee the country’s payment system. The changes will ensure that the regulator has more control over transactions taking place online and will help to prevent fraudulent activities. The Cabinet also emphasized the need for shops to use electronic cash registers that issue receipts for every transaction.