Anti-Money Laundering and Countering the Financing of Terrorism Regulations
and Beneficial Ownership Regulations
The Minister of Finance, Trade Investment and Economic Planning of the Seychelles has enacted the Anti-Money Laundering and Countering the Financing of Terrorism Regulations, 2020 and the Beneficial Ownership Regulations, 2020 (and subsequent amendments).
New detailed definition of Beneficial Owner
The definition of who shall be considered a beneficial owner in relation to a company or a foundation established under the laws of Seychelles has been updated and brought up to date with international standards. Please carefully review Section 3 of the Beneficial Ownership Regulations, 2020 for a detailed definition of “beneficial owner” in regard to different types of legal person or legal arrangement.
Retention period and hand over of records
The Registered Agent of an entity incorporated under the laws of Seychelles is now required to hand over records of beneficial ownership when the entity is dissolved and/or ceases to exist in Seychelles.
The following will need to be submitted to the Registry:
1. Register of B.O.
2. Declaration of B.O.
3. Written Notices for relevant changes
Beneficial Ownership Database
The particulars of the beneficial owners of a Company or Foundation will need to be uploaded into a private Beneficial Ownership Database. The required particulars of each beneficial owners to be uploaded and the procedure for the uploading will be specified in Guidelines to be issued by Financial Intelligence Unit at a later date. The Financial Intelligence Unit will be the Authority responsible for maintaining the database and the content of the same shall be available only to relevant governmental institutions within the Seychelles.
The full version of the above-mentioned documents, can be found in the following link: AML/CFT and Beneficial Ownership Acts & Regulations.
IMPORTANT NOTICE: Quijano & Associates, as licensee in this jurisdiction, shall proceed with the filing of the required information as per their records. In the event that the information related to the ownership of entities managed by your organization has varied from its incorporation date or its last update in this regard, please contact us immediately in order to ensure that up-to-date information is duly uploaded. Please bear in mind that the deadline for the filing of the mentioned information is September the 30th, 2021.
Should you require any additional information, please let us know.
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