Summary of the report
The Global Forum rated the Seychelles overall
with the international standard on transparency and exchange of information upon request.
The Seychelles had first been rated Non-Compliant with the EOIR standard in 2013 because of serious gaps in the enforcement of provisions on the availability of ownership and accounting information in the offshore sector. Some Global Forum members had also reported difficulties entering exchange of information agreements with the Seychelles. The Seychelles later secured an overall rating of Largely Compliant in 2015 thanks to new obligations introduced for the actors in this sector, a strengthened supervision and the resolution of difficulties in entering EOI agreements.
However, the present report notes that out of 162 requests received over the three year review period, the Seychelles has not been able to reply to 88% of the requests for accounting information and 62% of the requests for beneficial ownership information. The main concerns identified in the report therefore refer to the overall effectiveness of supervision and enforcement activities to ensure the availability and access to information in practice. Of particular concern is the fact that while more than half of the approximately 200 000 international business companies are currently struck off, the effectiveness of this procedure remains uncertain, since struck off companies maintain their legal personality and can be restored for a period of up to 12 years.
The report contains a number of recommendations for the Seychelles to improve its legal framework and its practical implementation to ensure that it is fully able to assist its exchange of information partners.
Read the press release