Seychelles Financial Services Authority

Financial Services Authority Seychelles
Seychelles FSA logo on building
Agency overview
Formed2013 (2013)
Agency executive
  • Randolf Samson, CEO
Websitewww.fsaseychelles.sc

The Financial Services Authority (FSA) is the autonomous regulatory agency responsible for licensing, supervising, and developing the non-bank financial services sector in the Republic of Seychelles. Established by the Financial Services Authority Act 2013 and headquartered in Victoria,[1][2][3] the Authority oversees fiduciary and capital-market service providers, gambling activities, the International Trade Zone, and the registries for international business companies, foundations, limited partnerships, and trusts. The FSA also supervises compliance with anti-money laundering and countering the financing of terrorism frameworks.[4][2]

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 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 Thesée as CEO of the FSA.[9]

To address money-laundering concerns, in 2024 authorities introduced the Virtual Asset Service Providers Bill, a legal framework for VASPs such as brokers, wallet service providers, virtual asset exchanges, and investment providers. The FSA was tasked with enforcing these new regulations.[10]

As of 2024, Seychelles hosts numerous retail brokers, such as Trade View, Naga, Zenfinex, Admirals,[11] Moneta Markets, OnEquity, Plus500, and others.[12] Seychelles licenses are often cited as being more cost-effective compared to European equivalents.[12]

Regulatory environment

Main article: Panama Papers

Seychelles has been described as a gateway for offshore finance.[13] The International Consortium of Investigative Journalists (ICIJ) has reported on the jurisdiction's association with financial scandals and the use of shell companies by international figures to obscure ownership.[14] While an online corporate registry exists, it has historically provided limited information regarding shareholders or directors.[15] Regulations have also permitted the use of nominee directors and shareholders.[16][17]

International scrutiny

When the OECD tightened scrutiny of other financial centers in the early 2010s, Seychelles saw an increase in activity from networks linked to Eastern Europe.[14]

In 2010, Kazakh businessman Mukhtar Ablyazov faced prosecution for using Seychellois companies to misappropriate funds from BTA Bank.[14]

In 2011, Note Printing Australia (NPA) and Securency, subsidiaries of the Reserve Bank of Australia, admitted to directing funds through a Seychellois shell company.[18][14]

In 2012, an illegal online pharmacy operation laundering proceeds through Seychelles led to the conviction of two Israeli businessmen in the United States.[19]

The Panama Papers leak indicated that Seychelles-based Alpha Consulting registered a significant number of shell companies. The FSA revoked Alpha Consulting's license in March 2025.[20][21]

See also

References

  1. ^ "Skilling expands its global footprint with FSA Seychelles licence". Finance Magnates. 2020-05-19. Retrieved 2025-05-14.
  2. ^ a b "Seychelles 2023 (Second Round, Supplementary Report)" (PDF). OECD. 2013.
  3. ^ "Seychelles National Anti-Money Laundering and Countering the Financing of Terrorism Strategy 2020 - 2023" (PDF). Central Bank of Seychelles. Retrieved 2025-05-14.
  4. ^ "FSA CEO: Pandora Papers refer to old cases, action already taken by Seychelles". Seychelles News Agency. 2022-01-27. Retrieved 2025-05-14.
  5. ^ "Finance ministry welcomes EU decision to remove Seychelles off blacklist". Seychelles Nation. 2024-02-22. Retrieved 2025-05-14.
  6. ^ Bonnelame, Betymie (2024-02-21). "EU removes Seychelles from blacklist of non-cooperative jurisdictions for tax purposes". Seychelles Newspaper. Retrieved 2025-05-14.
  7. ^ a b "OECD to review impact of Seychelles' laws on IBCs in 2022". Seychelles News Agency. 2022-01-19. Retrieved 2025-05-14.
  8. ^ "Randolf Samson appointed CEO of Financial Services Authority". Seychelles Nation. 2022-10-18. Retrieved 2025-05-14.
  9. ^ Sikder, Tareq (2024-08-20). "New Seychelles Rule Puts the Brakes on VASPs without Local Presence". Finance Magnates. Retrieved 2025-05-14.
  10. ^ Shome, Arnab (2023-06-23). "Moneta Markets Aims Global Expansion with New Seychelles License". Finance Magnates. Retrieved 2025-05-14.
  11. ^ a b Chmiel, Damian (2023-07-10). "Trade Nation Gains License in Seychelles, Targets Asian Market". Finance Magnates. Retrieved 2025-05-15.
  12. ^ "Why You Should Meet ChangSam at iFX EXPO LATAM 2025". Finance Magnates. 2025-04-07. Retrieved 2025-05-14.
  13. ^ a b c d Shaer, Matthew (2014-06-03). "Sun and Shadows: How an Island Paradise Became a Haven for Dirty Money". ICIJ. Retrieved 2025-05-15.
  14. ^ Díaz-Struck, Emilia; Cecile S., Gallego (2016-03-09). "Beyond Panama: Unlocking the world's secrecy jurisdictions". ICIJ. Retrieved 2025-05-15.
  15. ^ "Russian-owned shell company provider loses Seychelles licence following Finance Uncovered investigation". Finance Uncovered. 2025-03-23. Retrieved 2025-05-15.
  16. ^ "Australia central bank subsidiaries charged, fined over bribery". Reuters. 2018-11-28. Retrieved 2025-05-15.
  17. ^ "Internet Pharmacies: Federal Agencies and States Face Challenges Combating Rogue Sites, Particularly Those Abroad". the U.S. Government Accountability Office. Retrieved 2025-05-15.
  18. ^ Boland-Rudder, Hamish (2023-12-06). "Police swoop on Seychelles financial services firm hours after new Pandora Papers probe". ICIJ. Retrieved 2025-05-15.
  19. ^ Ellefson, Sam (2025-03-26). "Seychelles offshore services provider highlighted in the Pandora Papers shuts down operations". ICIJ. Retrieved 2025-05-15.

Sources

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