MNAs discuss, approve changes to seven pieces of legislation |26 March 2020
Assembly members yesterday debated before approving a series of amendments to seven pieces of legislation relating to and regulating businesses and institutions that administer companies set up in Seychelles.
The amendments to the seven Bills follow the Assembly’s recent approval of two previous Bills notably the Anti-Money Laundering Bill and Anti-Terrorist Financing Bill.
Motions for the bills were tabled by the leader of government business Charles de Commarmond.
They were the Anti-Corruption Commission Amendment Bill, 2020, Financial Institution Amendment Bill 2020, Financial Services Amendment Bill 2020, Foundation Amendment Bill 2020, International Business Companies Amendment Bill 2020, Limited Partnership Amendment Bill 2020 and Securities Amendment Bill 2020.
The minister responsible for Finance and Trade Maurice Loustau-Lalanne presented the amendments for members’ consideration and approval.
He noted in his presentation that following the approval and signing of the Anti-Money Laundering Bill, the Anti-Terrorist Financing Bill and the Beneficial Ownership Act by President Danny Faure, there are some consequential amendments that need to be made in line with other legislations to ensure they take into account changes brought about by the new laws.
Minister Loustau-Lalanne explained that amendment to the Anti-Corruption Commission will give necessary powers to the Anti-Corruption Commission of Seychelles (ACCS) to investigate money laundering in cases of corruption. As a law enforcement agency under the new Anti-Money Laundering and Countering the Financing of Terrorism Act 2020, it is important therefore that the mandate is included in the ACCS’ own laws.
With the new Beneficial Ownership Act, Minister Loustau-Lalanne stated that there must be some amendment in the law that guides the establishment and supervision of financial institutions. Section 39 of the Financial Institutions Act provides for financial institutions to keep different records related to their specific businesses, in particular records of their financial transactions and positions.
New provisions will also have to be added to the Act to take into account the different obligations which have been included there in.
Furthermore amendments have been proposed to the laws under the Financial Services Authority (FSA).
Section 23 of the FSA Act is being amended to ensure all licencees under the FSA establish and maintain acceptable systems and control mechanisms in line with the laws of Seychelles, including financial laws.
Minister Loustau-Lalanne said the amendments will also clarify the powers of the FSA as a competent authority under the Anti-Money Laundering, the Anti-Terrorist Financing and the Beneficial Ownership Acts.
Under the International Business Companies Act, it is being proposed to remove Roman 20 as all the obligations of beneficial ownership are now under the Beneficial Ownership Act 2020.
Other amendments were also being proposed to the Securities Act 2007 to review the definition of ‘Recognised Jurisdiction’ to bring it in line with the new definition ‘Listed Company’ introduced under the Beneficial Ownership Act 2020.