This New Act is being introduced to address the concerns of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) and to be in line with the Financial Action Task Force (FATF) standards and to work towards a re-enforcement of the Anti-Money Laundering framework of the Republic of Seychelles.
This New Act repeals and replaces the IBC legislation (IBC Act 1994) and introduces major policy changes in the corporate law regime of the Republic of Seychelles to which all stakeholders would need to comply.
On 26 July 2016, the National Assembly of Seychelles approved the IBC Act 2016. The new law will come into operation on 1 November 2016.
The key reforms that have been introduced by the New Act and their impact are summarised in the attachment.