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Cabinet holds extra ordinary meeting |07 December 2021

President Wavel Ramkalawan yesterday chaired an extra ordinary meeting of the cabinet, at which a number of legal memoranda were considered.

In accordance with the recommendations of the OECD Global Forum 2022 on-site Supplementary review, consideration has been given to the retrospective provision for the availability of accounting information for the past 7 years, as well as several other minor amendments. Cabinet approved the following:

  • Amendments to International Business Companies Act
  • Amendments to the Foundations Act
  • Amendments to the Trusts Act
  • Amendments to the Limited Partnerships Act.

Another set of legislations was approved by Cabinet in preparation for Seychelles to submit its re-rating application by January 2022 concerning remediating the deficiencies identified in the Seychelles Mutual Evaluation Report under Anti-Money Laundering and Countering the Financing of Terrorism regime. The following laws were approved:

  • Amendments to the Anti-Money Laundering and Countering the Financing of Terrorism  Act, 2020 (Act 5 of 2020)
  • Prevention of Terrorism (Amendment) Bill
  • Amendments to the Licences Act, 2010 (Cap. 113)
  • Custody, Management and Disposal of Seized, Forfeited or Confiscated Properties Bill, 2021.

Cabinet also approved Amendments to the Anti-Corruption Act, 2016.


Press release from the Office of the President

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