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Seychelles Financial Services Authority
From Wikipedia, the free encyclopedia
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The Financial Services Authority (FSA) is the autonomous regulatory agency responsible for licensing, supervising and developing the non-bank financial services sector in the Republic of Seychelles. Established by the Financial Services Authority Act 2013 and headquartered in Victoria,[1][2][3] the Authority oversees fiduciary and capital-market service providers, gambling activities, the International Trade Zone and the registries for international business companies, foundations, limited partnerships and trusts. The FSA supervises anti-money laundering and countering the financing of terrorism.[4][2]
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History
In February 2020, the Seychelles was added to the European Union's list of non-cooperative jurisdictions for tax purposes.[5] It was moved to the grey list the following year but blacklisted again in October 2023.[6][7] In April 2020, the OECDThe OECD rated Seychelles "partially compliant" in its peer review.[8]
As of November 2021, more than 54,000 international business companies were registered in Seychelles.[8]
In October 2022, Randolph Samson succeeded Damian Theséeas as CEO of the FSA.[9]
To address money-laundering concerns, in 2024 the authorities introduced the Virtual Asset Service Providers Bill, a legal framework for such VAPs as brokers, wallet service providers, virtual asset exchanges and investment providers. The FSA was tasked to enforce the new regulations.[10]
As of 2024, the Seychelles house dozens of retail brokers, such as Trade View, Naga, Zenfinex, Admirals,[11] Moneta Markets, Plus500, etc.[12] In comparison to European licenses, Seychelles offers much cheaper solutions.[12]
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Controversy
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Perspective
The Seychelles are widely advertised as an "under-the-radar gateway" for offshore finance.[13] According to the International Consortium of Investigative Journalists, "where there's an odour of financial scandal, there's often a good chance Seychelles is involved". Their investigations uncover how "Arab princes, Chinese investors, pirates, fugitives, mercenaries [and] mobsters" use shell companies to hide ownership.[14] Although an online corporate registry exists, it discloses no addresses, registration dates, status, shareholders or director.[15] Legal loopholes also allow the use of nominee directors and shareholders.[16][17]
International scandals
When in the early 2010s the OECD tightened scrutiny of Switzerland and other havens, Seychelles became a preferred base for Russian and Eastern European money-laundering networks.[14]
In 2010, Kazakh businessman Mukhtar Ablyazov was prosecuted for using Seychellois companies to siphon billions of dollars from BTA Bank.[14]
In 2011, Note Printing Australia (NPA) and Securency, two subsidiaries of the Reserve Bank of Australia, admitted funnelling millions in bribes through a Seychellois shell company.[18][14]
In 2012, two Israeli businessmen in the United States were convicted of running an illegal online pharmacy that laundered proceeds through Seychelles.[19]
The Panama Papers also revealed that Seychelles-based Alpha Consulting registered hundreds of anonymous shell companies for clients ranging from Yevgeny Prigozhin to Alexander Vinnik. The FSA revoked Alpha Consulting's licence only in March 2025.[20][21]
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References
Sources
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