FATF Removes Warnings Against Seychelles

On October 12, 2000, the Financial Action Task Force on Anti-Money Laundering announced the removing of a warning against the Seychelles over a law criticized by FATF. In February 1996, the FATF publicly warned the Seychelles after it enacted the Economic Development Act. The statute offered persons who invested $10m. or more the ability to be immune from prosecution for all criminal charges and protection against seizure of their assets, unless they committed certain serious crimes in the Seychelles...[more]