Similar to other FIUs, the Seychelles FIU’s core statutory function as espoused by the FATF is to serve as the national center to receive, analyse, interpret financial data on suspected transactions of money laundering and, in case a crime is suspected, to disseminate information to LEAs spontaneously to decide whether a preliminary investigation should be launched and upon request.
- Monitor, supervise, create awareness and train reporting entities, supervisory authorities and the public in respect to their obligation under the AML/ CFT Act 2020;
- Establish cooperation with domestic and international institutions and foreign counterparts, entrusted with the responsibility for organizing an effective AML/CFT regime;
- Exchange information with foreign FIUs based on partnership principles in accordance with the Statute of the Egmont Group of Financial Intelligence Units and in accordance with the Memoranda of Understanding;
- Enforce compliance with the AML/ CFT Act 2020 by imposing sanctions in cases of non-compliance.