Siba suspends licences of CSPs involved in money laundering documentary


15-November-2012

The Seychelles International Business Authority (Siba) said this in a press release sent to Seychelles Nation on Wednesday.
 
Siba said it has suspended the licences of the two CSPs in accordance with the relevant provisions of the law, adding it is undertaking further enquiries and examinations into the matter in order to make a final determination regarding the licences.

The press release adds that Siba has and will not hesitate to recourse to any action available under the law to deal with any parties under its regulatory and supervisory purview that are in non-compliance of the relevant legislations.

“Siba is confident it has in place a robust regulatory and supervisory system to which the licensed service providers are subjected. In cases where wrong-doings are identified the relevant authorities in Seychelles have always acted swiftly and appropriately to mitigate risks, protect investors and safeguard Seychelles’ good reputation.

“Siba remains committed in its efforts and will continue supporting and working in close collaboration with local and international regulators and other partners to combat financial crimes and maintain the integrity of financial services centres such as the Seychelles,” says the press release.

Siba noted that it is very concerned by the documentary and article, especially given the potential damage that these may cause to the reputation of Seychelles.
 
“Like the government of Seychelles, Siba strongly condemns any act or attempt of money laundering, corruption and any criminal activity.

 Since the documentary came to the attention of the authority, Siba has initiated relevant actions under the law in conjunction with the relevant authorities,” adds the release.

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