President Wavel Ramkalawan chaired an extra ordinary meeting of the Cabinet today, Monday 6th December, at which a number of legal memoranda were considered.

In accordance with the recommendations of the OECD Global Forum 2022 on-site Supplementary review, consideration has been given to the retrospective provision for the availability of accounting information for the past 7 years, as well as several other minor amendments. Cabinet approved the following:

1. Amendments to International Business Companies Act
2. Amendments to the Foundations Act
3. Amendments to the Trusts Act
4. Amendments to the Limited Partnerships Act

Another set of legislations was approved by Cabinet in preparation for Seychelles to submit its re-rating application by January 2022 concerning remediating the deficiencies identified in the Seychelles Mutual Evaluation Report under Anti-Money Laundering and Countering the Financing of Terrorism regime. The following laws were approved:

1. Amendments to the Anti-Money Laundering and Countering the Financing of Terrorism   Act, 2020 (Act 5 of 2020)
2. Prevention of Terrorism (Amendment) Bill
3. Amendments to the Licences Act, 2010 (Cap. 113)
4. Custody, Management and Disposal of Seized, Forfeited or Confiscated Properties Bill, 2021

Cabinet also approved Amendments to the Anti-Corruption Act, 2016.

Further details to the media will be provided by the relevant Ministry.