The Financial Services Authority has expressed its concern about the revelations regarding Mossack Fonseca and Co (Seychelles) Ltd within the leaked "Panama Papers."
The FSA commented that it is "mandated, inter alia, to supervise and regulate the financial services industry in the Seychelles. … As such, the FSA condemns any act or attempt of money laundering, financing of terrorism, corruption, any criminal activity and malpractices especially by any of its licensees, regulated persons, or clients [that use] services within the jurisdiction."
The FSA said the Seychelles has "shown its steadfast commitment and adherence to international best practices, particularly in regards to the international initiatives relating to improving transparency. One result of that commitment has been the Seychelles obtaining a largely compliant rating by the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes in 2015, which attests to the mechanisms introduced to ensure that, amongst other things, ownership and accounting information is available in Seychelles."
"In a similar vein," it added, "the Seychelles became the 85th signatory of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters on the February 24. 2015. The Seychelles also opted for early adoption of the Common Reporting Standards, the new standards in automatic exchange of information between countries developed by the OECD."
The FSA concluded that it "is confident that there is in place a robust legal and regulatory framework, including modern anti-money laundering legislation, to which licensed service providers are subject. In cases where any non-compliance and/or malpractices are identified, the relevant authorities in the Seychelles will intervene appropriately."
It confirmed it will be "undertaking further inquiries and examinations into this matter in order to establish the course of action that it shall be undertaking to ensure that the reputation of Seychelles is safeguarded."
15 comments:
SFA was created,years,ago.Since its existence,it has no record that shows it has,delivered anything,judt like FIU etc...
I am justcwandering what would SFA will do,differently this time that hascnot donexin the past.
it says he who pays the piper ,plays the tune.How can SfA have that,security of tenure,yet,it is,accountable to a minister?
SFA s,Forgotten cases:
IN 2012,ICJs offshores datacase,lists a James Alix Michel as sole shareholder of thecoffsore. Company Soleik Overseas Holding ltd,set in Virgin Island and oversaw by a Maritius company called Pines linited,The later,also oversaw eight other offshore companies of which Three are wholey or partly owed by,Ckaudine,Savy...the wife on Glenny Savy.
We could,add Zen Offshores,and many others....none has ever been investigated to date.
Under pl,where there is anvodor of financial scandal,there is often a god chance,Seycheles is involved.Seychelles hasxlong maintains,a Zelig~like pressure in the,analsxof financial corruption and money luadering.
Awaiting to see whatxactions,SFA will take,donot forget we have,access tovpanama papers too,we,wil be,watching u
In 2012 SFA had a fire in office and lost documents.
Maybe they will have another fire to burn what is left.
OECD should investigate the Arson section of SFA.
What a Joke!
Mr. Gill my family thanks you for keeping the faith covering these issues when many have gone silent or into oblivion.
You have done your utmost to bring light to a dark national room. I have followed you for years now. I am also aware of the suffering you and your family have been out under by LEPEP. It is not a secret. Yet you have the courage to make appeals for reconciliation and dialogue.
You demonstrate the maturity and seriousness Seychelles needs.
Many of us are praying for you and your family.
May The Lord bless you, guide you, continue to shield you from harms way.
SFA istalking about investigating the panama papers cases.But is it,SFA the organisation to deal with,embezzlement,tax invasion,and robbery?What about Tax office,FUI should they not be the ones i.vestigating or All three institutions,namely,SFA,FIU,Custom and Tax Authority.
The panama papers is not about genuine business owers hiding their money,it is,also about political leaders and their who robbed their peoples money .it is about terrorists like who was helped by these companies to hide terrorxbounty.....thus complices became the helpers of terorists..... In other words,there are different types of crimes involve not only tax invasion,thus SFA cannot alone be the investigators as such.
Jenpa tells us that“government passed anti corruption brcause the people asked pl“I guess the people have also on suveral occasions asked pl to,provide information on the 2,4 billions hidden in Swiss Bank,and until now,years later seeychellois are still awaiting
for the information.What about the 50 -million dollars gifted to Seychelles,but robed by,Michel and illegaly banked in the UK?Not not even the Assembly authority any transfer of the 50millions,intoca bank in thr,Uk.When asked pl about the money,one member told us?we used the money to by food to feed seychellois“..The problem is no one approved this pretext,nor do Seychelles purchase or import most of its foods for Uk,but Asia.........Any order copies,bills receipts to proved the purchase......it is not about buy a package of fish at the market,it millions of dollars involve and for such amount receipts are mandatory............All these case had benbignored by the SFA,FIU......
PAssing anti corruption law is not enough,getting the crimanals should be your objective.I donot know how many laws has pl passed since its i.volve in illicit financial crimes.......
Now,Jenpa,tells he has,another anti~corruption.... ..maybe Pl should considers a sprcial Anti Corruption ministry............then pl unemploy members,can have jobs. .......
IN Absur~distan everything is possible..........
Not only companies involved should be dismantled and have their personals investigated,i believe all those lawyers who often the mediators between frauders,and these offshore companies,services...are the first actors involved in facilitating these illicit deals,,,they should have their law license cancelled and jailed.
SFA tells us,,,,that Seychelles has one of the robust set of laws regarding corruption and money laundering.......it seems these laws are so tough,that it attracts global criminals to us,Seychelles as faciliators for their crimes.....
Laws may be robust,but when not implemented they are useless....
The fact is,criminals continue to use,Seychelles not because it has robust laws,rather weak laws and corruption is a structural thing.......
Lawyers in offshore are facilitators of tax evasion and embezzlement. They grease the process.
Until PL deals with them, they will always find a way.
Situation is darkening for Seychelles.
EU has 5 key states united to break off shore tax evasion schemes.
If Seychelles not does react in a timely manner we will be sanctioned, and it will hurt our relations with EU.
Right,even IMF and the World Bank have this week announce more scrutiny of aid money to States involve in zhe Panama papers.......Pl has put Seychelles in world light not for it beauty and as ads to boost tourists arrivals and attract genuine FDI but as crinmal state.Pl mudt clean it mess as fast poddible,not only by blah blahing about investigating zhese cases but by punishing all culprits involve without exception.
Whilt zhe tourism industry are investing all the strength to promote Seychelles tourism industry by investing zheir hard earning money and doing more the government....pl hardden rogue and greedy leaders use state institutions to perpetuate zheit crimes...time to rid ur country from these marons.
Zhe pl attitude to the gluesome revelation become worrisome and repugnant ,on as theattitue is apperently lackadasical and indifferent.
When in other places,heads of the Mighty have rolled,pl reaction,or best put inaction and insensibility is i.acceptable and reprehensable.
The failure of government owed media houses is zhat they are official Megaphons of pl cover up silence.No words on the the panama papers.Michel has allow the state to turn into a,banana republic.With his multi~coloured coat of corruption and now panama papers,it is time for seychelles to call for Michel to step and face impeachment.
Central Bank of Seychelles issues numbered accounts to NOuVOBANQ a state owned bank.
There you go.
Now you have state sponsored money laundering.
Simple.
On top of Nouvobanq is Boulles offices.
To the side in Oliaji Center is Mossac Fonseca offices.
Simple.
All OECD has to do is press for search with agent present to over sea.
OECD has announced that it will put a program in place to deal with tax evasion schemes.
It will deal with non compliant jurisdictions thru black listing them, suspending EU assistance.
SFAsays it is determine to investigate and bring to justice those involved.However,SFA is already minimizing these cases by calling the cases....WRONG DOING.This is more than wrong doing,but organized crimes pl.
Money laundering = mis placement of funds.
Seychelles does not mis place funds.
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