MONEY LAUNDERING LAW TO BE REPLACED

The Anti-Money Laundering Act, 1996, is in the process of being replaced with new legislation. The Anti-Money Laundering Bill (2006) went before the National Assembly the week before last for adoption into law. Presenting the Bill to the National Assembly the Minister for Economic Planning and Employment gave the impression that the outdated Act (1996) was being replaced to meet predominantly the concerns of the International Community in tackling the financing of terrorism.

This cannot be further from local reality. In fact we have a serious problem of money laundering right here in Seychelles. According to a report in the Seychelles Nation one of the offences of money laundering is described in the Bill as the conversion or transfer of property believed to be proceeds of crime (corruption, theft, bribe) with the aim of concealing or disguising the illicit origin of that property, or aiding a person involved in the commission of the offence to evade the legal consequences. This scenario is common practice here in Seychelles especially amongst corrupt political people working in government.

We will have to wait and see if the Financial Intelligence Unit (FIU) to be created under the new law will have the guts like The Scorpion of South Africa to go after, investigate and prosecute highly placed individuals within government or will it be another political tool for the victimization of political opponents like the Price Control Unit, which carefully pick and chose retailers according to their (non) status and (non) connections.  

Seychelles Weekly, April 28, 2006