Seychelles has officially launched its second National Risk Assessment (NRA) for Money Laundering and Terrorist Financing, reinforcing its commitment to strengthening financial integrity and security.
Secretary of State in the Ministry of Finance, National Planning and Trade, Patrick Payet presented a sanitized version of the report to key stakeholders, including the Ministry of Internal Affairs, National Assembly, Judiciary, and sectoral partners.
Addressing attendees, Payet, who also chairs the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) National Committee (NAC), highlighted the collaborative efforts behind the assessment. He commended NAC members for their “collective expertise and unwavering commitment” in shaping the report.
“The National Risk Assessment is a vital exercise that helps us identify and understand the specific threats and vulnerabilities our country faces,” Payet stated. “It provides a foundation for improving our national framework for AML/CFT, enabling all stakeholders to take an informed, risk-based approach.”
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The 2022 NRA assesses risks from January 2019 to June 2022 and builds on the findings of the 2017 assessment. This latest evaluation places greater emphasis on emerging threats, including:
The increasing use of virtual assets and their potential risks to financial stability, the rise of environmental crimes affecting natural resources,
the evolving challenges of cross-border financial transactions.Payet stressed the importance of balancing financial innovation with robust measures to prevent economic exploitation, calling for strengthened compliance, enhanced collaboration, and capacity building.
The NRA 2022 report serves as a strategic blueprint for action between now and January 2027, when Seychelles is set to undergo its third round of Mutual Evaluation.
“I encourage each of you to reflect on how we can collectively implement the recommendations of this assessment and further strengthen Seychelles’ financial integrity,” Payet urged. “Achieving a favorable rating in the upcoming evaluation will be crucial for our financial system.”
With its latest assessment, Seychelles aims to fortify its defenses against financial crimes while fostering a secure and transparent economic environment.
