The financial services sector is set to thrive and contribute more to the Seychelles economy, Seychelles International Business Authority (Siba) chief executive Steve Fanny has said.

Speaking in a recent interview following the National Assembly’s approval of amendments to several laws governing the operations and functions of the Siba, Mr Fanny said the future of Seychelles’ financial services sector is very bright.

But Mr Fanny noted that the Siba would need the continued support and cooperation of all concerned – the government, the Ministry of Finance and Trade, the Central Bank among others – to realise this goal.

Mr Fanny noted that the Siba has paid R160m to the government as dividend over the past five years and the amount of taxes collected is over R40m.

“I therefore strongly believe that the financial services sector, which includes offshore, banking, accounting and other relating sectors, is the third pillar of our economy and I am confident that Seychelles has a lot of potential to develop this sector further and do much better,” Mr Fanny stressed.

He added that Seychelles’ financial services sector developed to reach this level thanks to the perseverance and hard work of people working in that sector despite many disadvantages and numerous challenges like with no fibre optic cable and stock exchange.

He noted that with the advent of more advanced technology, this sector would definitely thrive and prosper.

Mr Fanny added that the financial services sector could also play an important role in providing employment to a large group of young Seychellois professionals provided the sector gets the required support to develop further.

Mr Fanny said during the past few years offshore business sectors worldwide have been criticised and accused of being responsible for the world financial crisis and, therefore, to protect themselves, small countries with developing offshore business sectors have to ensure they have the proper framework and regulations in place meeting the requirements of the Organisation for Economic Co-operation and Development (OECD). This is an international economic organisation of countries which has among its aims to stimulate economic progress and world trade. It is also a forum of countries committed to democracy.

Mr Fanny said the OECD has called for more transparency in Seychelles’ financial services sector. This includes having more accounting information on companies registered in Seychelles, keeping records on these companies, having access to these records and ensuring that Siba has the authority to reinforce regulations in place.

The Siba was already being guided by many laws and Mr Fanny, welcoming the recent amendments, says they will help bring about more transparency in its financial system and raise its standard to the required international norms.

He said it is in the interest of Seychelles as a small offshore jurisdiction to be seen as meeting international norms if it wants to continue attracting international investors and protect its image internationally.

Forrás: www.nation.sc