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.

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Financial Services Authority

Following the suspension of the licence of Falcon Insurance Limited (“Falcon”) on 27 October 2022, the FSA appointed Mariam Rajabally as administrator to manage the company’s business, affairs and assets.

Following Ms Rajabally’s decision to resign as administrator with effect from 15 March 2023, the FSA has today appointed Mr Yogesh Rai Basgeet FCA and Mr George Weru, CPA, CFA, CFE as joint administrators in her place, pursuant to section 101 of the Insurance Act.

Falcon will continue to serve its existing clients, respect its obligations, and adhere to the provisions of the Insurance Act. However, the company remains unable to take on any new business during the period of suspension of its licence.

The FSA remains committed to safeguarding the interests of all policyholders and stakeholders of Falcon and to ensuring the fair treatment of all policyholders and to maintaining a stable and efficient insurance market for the benefit and protection of the public.

For any further queries, please do not hesitate to contact the joint administrators at the following email address: mu_falcon_insurance_administration@pwc.com or on +248 2730104.

Financial Services Authority

Email: procurement@fsaseychelles.sc

The Financial Services Authority (“FSA”) makes reference to the Press Release dated October 27^th, 2022 in relation to the suspension of the licence of Falcon Insurance Limited (“Falcon” or the “Company”), pursuant to section 96 of the Insurance Act, 2008, (“Insurance Act”) and the appointment of Mrs Mariam Rajabally, FCA, as Administrator in accordance with section 101 of the Insurance Act to manage the Company’s business, affairs and assets.

For any queries or further clarifications relating to the above, please contact the FSA on +248 2643227 or  the Administrator on the following email address: falcon.administrator@falconinsurance.sc 

Financial Services Authority