FIU oversight responsibility to be transferred to Central Bank

28.03.2010 

As part of Seychelles’ moves to strengthen its fight against money laundering and to better monitor financial transactions, the responsibility for overseeing the Financial Intelligence Unit (FIU) has been transferred to the board of the Central Bank.

The unit remains an independent body, as outlined in the Anti-Money Laundering Act, but the Central Bank will have administrative oversight. The FIU was previously under the portfolio responsibility of the Office of President James Michel.

Placing the unit in the Central Bank of Seychelles will help to achieve better coordination and ensure the best use of resources in the fight against financial crime in a small jurisdiction such as Seychelles.
  
All parties involved in enforcing the Act have welcomed the move and have stressed the need for strong and dedicated monitoring of financial transactions and targeting of criminal assets by the FIU as Seychelles’ economy becomes increasingly open to the world.

“The need for systematic and diligent monitoring of our financial system is a key part of the reform process we have been undertaking since 2008,” said Mr Michel.

“The FIU has already put in place a solid foundation for financial investigation which is in accordance with international norms. 
 
By situating the unit under the purview of the CBS we further strengthen its capacity to ensure that Seychelles remains a jurisdiction with the highest standards of compliance with international regulations.”

 

Forrás: http://www.nation.sc/index.php?art=18990

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