“We want to revise the beneficial ownership database, and we are being assisted by the U.K. to implement a new framework,” said Secretary of State Patrick Payet, according to the government-funded Seychelles News Agency.
The archipelago, comprising 115 islands in the Indian Ocean off East Africa, has long been an attractive tax haven for international business. Companies operating there are exempt from taxation on income generated outside the country, and the country’s confidentiality laws protect the privacy of business owners and their financial dealings.
This made Seychelles a magnet for wealthy individuals and corporations seeking to exploit its corporate secrecy and tax advantages.
In 2023, the country was placed on the EU’s blacklist of uncooperative tax havens but was moved to the gray list in February this year after it began cooperating.
Under Tuesday’s agreement, Seychellois financial institutions, including the Financial Investigations Unit, will collaborate with their British counterparts to strengthen their ability to analyze beneficial ownership information and counter illicit financial activities.
The U.K. will also support the Anti-Corruption Commission Seychelles and the national police in investigating corruption cases.
The total global investment flowing into fintech reached $51.2 billion in 2023, a 48% drop from the previous year’s figure of $99 billion, according to data from UK industry body Innovate Finance.
HSBC’s Swiss private banking arm breached money-laundering rules by failing to carry out adequate checks on the high-risk accounts of two politically exposed individuals, Switzerland’s banking regulator
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The Financial Action Task Force has agreed on an action plan to drive the “timely implementation” of its global standards for crypto, a report from its recent plenary meeting shows. The