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Is there any banking privacy in Seychelles?

 
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dackkock



Joined: 11 May 2014
Posts: 8
Location: Paris

PostPosted: Sun May 11, 2014 4:01 am    Post subject: Is there any banking privacy in Seychelles? Reply with quote

As an offshore financial center, Seychelles has become infamous as of late for money laundering, drug trafficking and even piracy due in part to its close proximity to the coast of Somalia. As a result, the Seychelles financial intelligence unit (FIU) has been given broad investigative powers by the Seychelles government in an effort to curtail such illegal activity and help legitimize the Seychelles financial sector.

However, with power comes abuse, and it is recently being questioned whether a company may lack necessary financial security if they opt to bank in Seychelles. While attempting to combat the negative effects of such criminal activity as money laundering, currently hijacking its international imagine, the financial intelligence unit may actually be hampering the financial efforts of many legitimate businesses. Accounts may be frozen based on unsubstantiated accusations, and honest businesses and individuals denied access to their hard earned money.

If you opened an account in Seychelles for the myriad benefits inherent in offshore banking, be advised to be cautious. While it is illegal to divulge personal and confidential banking information without a court order that does not mean that your legitimate assets may not fall victim to scrutiny under the financial intelligence unit and, subsequently, held indefinitely without your consent.
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