Press Release-Al Jazeera article and documentary

This press release is from the Seychelles International Business Authority (SIBA), concerning the recent Al Jazeera article and documentary, entitled “People & Power: How to rob Africa”, published and aired on the 8th of November, 2012.
The SIBA is very concerned vis-à-vis the documentary and article, especially given the potential damage that these may cause to the reputation of the Seychelles. The SIBA, similar to the Government of Seychelles, strongly condemns any act or attempt of money laundering, corruption and any criminal activity.
Since the documentary came into the attention of the Authority, SIBA has initiated relevant actions under the law in conjunction with the relevant authorities. As a result of these actions SIBA has reasons to believe that the licences of the two Service Providers in question have to be suspended in accordance to the relevant provisions of the law. Furthermore SIBA is undertaking further enquiries and examinations into the matter in order to make a final determination regarding the licences.
It is important to stress that the SIBA has and will not hesitate to recourse to any actions available under the law to deal with any parties under its regulatory and supervisory purview that are in non-compliance of the relevant legislations The SIBA is confident that it has in place a robust regulatory and supervisory system to which the licensed service providers are subjected. In cases where wrong-doings are identified the relevant Authorities in Seychelles have always acted swiftly and appropriately to mitigate risks, protect investors and safeguard Seychelles’ good repute.

SIBA remains committed in its efforts and will continue supporting and working in close collaboration with local and international regulators and other partners to combat financial crimes and maintain the integrity of financial services centres such as the Seychelles.

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