Local and international media have issued press reports alleging the involvement by a licensed firm, an ICSP, and other legal entities in a scheme to conceal the true ownership of limited partnerships registered in the UK. The reports allege that the firm has helped to form more than 900 UK partnerships under the laws of the UK which have allegedly used secrecy loopholes to attempt to conceal their true owners. The reports also make reference to certain persons that have been identified within the reports as being Seychelles legal and natural persons.
The FSA condemns any unlawful business practices by any licensee and the use of registered entities for illicit purposes. In this light, the FSA is announcing that it has immediately, as of November 2, 2023, commenced an investigation together with other relevant authorities into the allegations being made against the ICSP in question.
Should evidence of regulatory breaches be found from this investigation, the FSA will hold any individual responsible to account through the necessary enforcement action in accordance with the law.
The FSA and other relevant authorities in the Seychelles are committed to effectively implementing the Financial Action Task Force (FATF) Recommendations and ensuring that licensees and regulated entities under its supervisory purview remain compliant to the applicable laws and regulations. The FSA has no tolerance for any activities which undermine the reputation and financial stability of the jurisdiction.
The FSA remains committed to working collaboratively with other international bodies to mitigate the risks inherent to the sector including, but not limited to, the AML/CFT risks.
Financial Services Authority