The Seychelles Cabinet of Ministers has endorsed the National Risk Assessment (NRA) Report on Virtual Assets (VA) and Virtual Assets Service Providers (VASPs) during a scheduled cabinet meeting on August 24th, 2022, permitting the National Anti-Money Laundering and Countering the Financing of Terrorism Committee (NAC) to proceed with the adoption and publication of the Report.
The endorsement is an important milestone, given that the popularity and public adoption of VAs have grown in Seychelles in recent years, and consequently, the increasing ML/TF threats associated with them.
NAC will subsequently be proceeding with the preparation of a policy framework, guided by the findings, and aligned with anti-money laundering (AML) and countering the financing of terrorism (CFT) international best practices, and have committed to the Cabinet that the same will be presented within three months.
FiveComply will continue to keep you updated with regards to further developments.