Following Reuters's publication of the article "Seychelles to set up company ownership registry in transparency drive" we would like to bring your attention to the response of the Seychelles Financial Services Authority which gives comments on the current situation:
"There are very few countries in the world, including none in Africa, which have a centralised register of company ultimate beneficial owners (in contrast to a centralised registry of shareholders, who may be nominees). The Minister clarified that the provisions that Seychelles is making in relation to the availability of beneficial ownership will be in line with FATF recommendations. In summary, the Seychelles will adopt the following measures on this issue.
Among other pending financial services legislation, later this year Seychelles will be enacting the International Business Companies Act 2016 (the “new Act”), which will replace the International Business Companies Act 1994. The new Act will strengthen and modernise Seychelles’ regulatory framework relating to international business companies, including requiring every company to file details of its directors with the government registrar.
While the new Act will not introduce a central register (filed with the government registrar) of company beneficial owners, it will introduce a legal obligation on every company and its directors to keep a register of beneficial owners at its registered office in Seychelles (along with its register of directors and register of members). This will enhance timely access to company ultimate ownership information when needed in connection with an investigation into suspected criminal activities, including tax evasion. Seychelles will be one of only a few countries worldwide to have introduced are quirement on companies to keep a register of beneficial owners."
You can find the Press Release of Financial Services Authority on following link :
Response to Reuters Article “Seychelles to set up company ownership registry in
transparency drive”