Stakeholders get World Bank support to identify financing risks |20 January 2016

A group of around 80 people working in the local banking and financial services sector from both public and private are meeting to discuss and identify the primary money laundering and terrorism financing risks Seychelles face.

This is being done through a three-day working sessions taking place at the STC conference room.

The assessment is being carried out with the help and support of a team from the Financial Market Integrity Unit of the World Bank Group.

The Working Group for the National Risk Assessment (NRA) is being led by the Financial Intelligence Unit (FIU) of the Central Bank of Seychelles.

Finbarr O’Leary, deputy director of the FIU who is coordinating the working sessions, said the help of the World Bank has been sought because the institution has the expertise in conducting risk assessments throughout the world.

He said the group taking part in the session is discussing and analysing six distinct themes namely threats and vulnerabilities, banking, to name a few with the aim of coming up with a number of recommendations and actions to be taken.

A final report on strategies and actions required to mitigate risks and address Seychelles’ vulnerabilities is expected in over six months’ time when it will be presented to ministers concerned as well as the attorney general and heads of different related agencies.

“This is a reality check for Seychelles and the final report will identify recommendations and actions that will need to be delivered,” Mr O’Leary pointed out.

The Minister for Investment, Entrepreneurship Development and Business Innovation Michael Benstrong officially launched the working sessions yesterday morning.

He reminded everyone present that Seychelles is part of the global village and as a result we need to be cautious of what is happening around the world and we need to prepare ourselves to ensure we minimise the risk of money laundering and terrorism financing.

“The questions that are before us today are fundamentally about what changes that need to be made in our current legislations and processes that will help in minimising money laundering and terrorism financing risks,” he said.

“I genuinely hope that this workshop will contribute to your understanding of the anti-money laundering and terrorist financing issues in the world and will assist you in recommending amendments in the current legislation to ensure we are at par with the international best practices,” he told everyone present.