Seychelles Country Threat Assessment by Financial Crime News

Seychelles is rated the 2nd best rated country in SSA (out of 40) and ‪2/14 in Eastern Africa, with an overall score of 72/100 “Low” risk, 83/100 (“Very Low”) level for Threats, and 60/100 (“High”) level for Responses, with an “Improving” trend. Despite the Seychelles reputation as an archipelago of outstanding natural beauty, it suffers from the highest rate of heroin abuse in the world, where an estimated 10% of the working population may be addicted, smuggled in from Afghanistan. Drug trafficking is the primary area of concern highlighted by the country NRA, followed by other offences such as tax evasion, smuggling, corruption, company fraud, fraud/forgery, theft & robbery.

In addition, the TA includes illegal fishing as a major concern. Seychelles is not included as a Jurisdiction under Increased Monitoring by FATF or the EU’s new list which took effect on 1st October 2020, however it does remain on the EU’s list of non- cooperative tax jurisdictions, though the country has committed to reforms to become tax-compliant.

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