President Wavel Ramkalawan, chaired a scheduled meeting of the Cabinet yesterday, Wednesday 21st August in which a number of legal and policy memoranda were approved.
The Cabinet was presented with the Seychelles Revenue Commission’s (SRC) transformation plan. The transformation plan was guided by a comprehensive organizational analysis conducted in collaboration with the African Tax Administration Forum and the United Nations Development Program. The strategic transformation roadmap aims to enhance SRC’s operational efficiency and service delivery and outlines key initiatives to be implemented over the next three years. These initiatives include streamlining policies, procedures, and processes for greater efficiency and compliance, enhancing workforce skills and development, modernizing technology infrastructure, strengthening governance frameworks, and building leadership capabilities to drive strategic direction and cultural change.
The Cabinet granted approval for the adoption of proposed national definitions to guide the country's financial system in supporting sustainable development and resilience. These definitions encompass Sustainable Finance, Climate Finance, Green Finance, and Blue Finance, reflecting Seychelles' commitment to aligning its financial system with global standards and best practices. This approval marks a significant step in fostering sustainable economic growth, enhancing resource efficiency, and addressing the environmental challenges faced by Seychelles as a small island developing state. The newly adopted definitions will serve as a cornerstone for mobilizing resources and driving initiatives that contribute to the country's sustainable and resilient future.
The Cabinet also approved a two-year extension of the moratorium on chartering and importing small-scale longline fishing vessels, following a detailed review of the sector's sustainability and management challenges. This decision comes in response to the findings from a recent memorandum, which highlighted persistent issues such as misreporting of fishing statistics, reliance on foreign crews, limited infrastructure capacity, and the increasing threat of illegal, unreported, and unregulated (IUU) fishing. The moratorium will allow time for the development of comprehensive policies and strategies aimed at ensuring the long-term sustainable growth of Seychelles' small-scale longline fishery, including the finalization of a national plan for fleet capacity management and local employment incentives. Additionally, the Cabinet has approved the processing of 23 pending import authorizations for vessels, subject to stringent conditions and oversight by the Seychelles Fishing Authority (SFA).
The Cabinet approved a comprehensive set of regulations under the Virtual Asset Services Provider (VASP) Act, aimed at enhancing the regulatory framework governing virtual asset service providers in the country. These regulations cover various aspects, including capital and financial requirements, cybersecurity standards, advertising, the registration and promotion of Initial Coin Offerings (ICOs) and Non-Fungible Tokens (NFTs), and the safekeeping and management of clients' assets. Additionally, amendments to the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regulations have been approved to further safeguard against financial crimes in the virtual asset sector. The implementation of these regulations, set to come into effect on September 1, 2024, marks a significant step towards ensuring responsible innovation and consumer protection within Seychelles' rapidly evolving virtual asset industry.
The Cabinet also approved key action regarding the Ile Du Port Handling Services (IPHS) Lease Agreement to support the company’s expansion and operational efficiency. This includes finalizing the sub-leases for four specific plots of land. This measure is crucial for resolving ongoing legal and operational challenges, allowing IPHS to expand its infrastructure, improve staff welfare, and potentially reduce costs for the Seychelles fishing sector. Given the Government's increasing stake in IPHS, these steps are expected to significantly contribute to the company's growth and the broader economic benefits for Seychelles.
The Cabinet noted that the World Health Organization (WHO) had declared the Mpox outbreak to be a Public Health Emergency of International Concern (PHEIC). In response, the Ministry of Health is implementing measures to restrict visits to patients in hospitals to two visitors at a time and during the visiting hours only as a precautionary step. Cabinet was reassured that Seychelles remains free of Mpox, and the borders would remain open. Emergency preparedness efforts were being revisited to enhance border control and the surveillance of visitors' health status. Additionally, the preparedness of workers, particularly in the tourism industry, is being strengthened to ensure a robust response should any cases arise.
Relevant Ministries will provide details.