Seychelles to revoke licenses of two service providers

Norway will pay near one million euros to strengthen Cyprus’ anti-money laundering capabilities

A contract was signed last Friday between the Planning Bureau and the Unit for Combating Money Laundering (MOKAS) for the financing of a project aiming to strengthen MOKAS’ capacities and improve its efficiency to detect money laundering and the financing of terrorism.

The project will be implemented by MOKAS and cost a total €1,100,882. Norway will provide the majority of funds, 85 per cent, amounting to €935.750, while MOKAS will provide the remaining €165.132.

The main objective of the project is to automate the analysis and investigation procedure of MOKAS by implementing an IT system to support its core activities. This in turn will enhance the capabilities of the Unit making best use of available information and automatic recognition of relationships between data, information and suspects.

Seychelles to revoke licenses of two service providers

Journalist’s investigation has caused the reaction of Seychelles International Business Authority (SIBA)

The SIBA expressed its concern in relation to the involvement of two international corporate service providers (“service providers”) within the Al Jazeera article and documentary, entitled “People & power: How to rob Africa”, published and aired on November 8, 2012 in view of the damage that matters of such nature may cause to the reputation of the Seychelles.

Following the SIBA initiating relevant actions under the law in conjunction with other relevant authorities, it was deemed to be necessary that the licenses of the two service providers involved be suspended pending further enquiries and examinations.

From these enquiries and examinations conducted, the conclusions were such that the SIBA deemed it necessary, pursuant to provisions of the relevant laws to revoke the licences of Premier Offshore Limited and Zen Offshore Services Limited.

The SIBA hereby reiterates that it will not hesitate to recourse to appropriate enforcement actions to deal with any parties under its regulatory and supervisory purview that are in non-compliance with the relevant legislations.