History
In February 2020, the Seychelles was added to the European Union's list of non-cooperative jurisdictions for tax purposes. [5] It was moved to the grey list the following year but blacklisted again in October 2023. [6] [7] In April 2020, the OECDThe OECD rated Seychelles "partially compliant" in its peer review. [8]
As of November 2021, more than 54,000 international business companies were registered in Seychelles. [8]
In October 2022, Randolph Samson succeeded Damian Theséeas as CEO of the FSA. [9]
To address money-laundering concerns, in 2024 the authorities introduced the Virtual Asset Service Providers Bill, a legal framework for such VAPs as brokers, wallet service providers, virtual asset exchanges and investment providers. The FSA was tasked to enforce the new regulations. [10]
As of 2024, the Seychelles house dozens of retail brokers, such as Trade View, Naga, Zenfinex, Admirals, [11] Moneta Markets, Plus500, etc. [12] In comparison to European licenses, Seychelles offers much cheaper solutions. [12]
Controversy
The Seychelles are widely advertised as an "under-the-radar gateway" for offshore finance. [13] According to the International Consortium of Investigative Journalists, "where there's an odour of financial scandal, there's often a good chance Seychelles is involved". Their investigations uncover how "Arab princes, Chinese investors, pirates, fugitives, mercenaries [and] mobsters" use shell companies to hide ownership. [14] Although an online corporate registry exists, it discloses no addresses, registration dates, status, shareholders or director. [15] Legal loopholes also allow the use of nominee directors and shareholders. [16]
International scandals
When in the early 2010s the OECD tightened scrutiny of Switzerland and other havens, Seychelles became a preferred base for Russian and Eastern European money-laundering networks. [14]
In 2010, Kazakh businessman Mukhtar Ablyazov was prosecuted for using Seychellois companies to siphon billions of dollars from BTA Bank. [14]
In 2011, Note Printing Australia (NPA) and Securency, two subsidiaries of the Reserve Bank of Australia, admitted funnelling millions in bribes through a Seychellois shell company. [18] [14]
In 2012, two Israeli businessmen in the United States were convicted of running an illegal online pharmacy that laundered proceeds through Seychelles. [19]
The Panama Papers also revealed that Seychelles-based Alpha Consulting registered hundreds of anonymous shell companies for clients ranging from Yevgeny Prigozhin to Alexander Vinnik. The FSA revoked Alpha Consulting's licence only in March 2025. [20] [21]
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