Seychelles Offshore On It's Death Bed As Lack Of Credible Policing Is Exposed

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Seychelles Offshore On It's Death Bed As Lack Of Credible Policing Is Exposed

Post  Sirop14 on Mon Oct 28, 2013 8:45 pm

Seychelles Offshore On It's Death Bed As Lack Of Credible Policing Is Exposed


Steve Fanny kicked the bucket at the Ministry of Finance last month. Mr Fanny is famous for his involvement in the Seychelles Offshore sector as a CEO of Seychelles International Business Authority (SIBA). For years we watched Mr Fanny tell us where the offshore sector was, where it is going, with exuberance, only to now see that the Seychelles offshore is dying, because all these years Mr Fanny was at SIBA, not a single person or company has been brought to trial for criminally using offshore companies to commit illicit acts such as money laundering, drug trafficking, arms dealing, etc. Only one company Lotus offshore had its licence suspended and Zen Offshore. Lawyers involved in these offshore company registration businesses, still practice law.

http://seychellesrealitytoday.blogspot.co.uk/2013/10/seychelles-offshore-on-its-death-bed-as.html

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BMI treats disabled to picnic, donates computers

Post  Sirop14 on Wed Jul 23, 2014 8:23 am

BMI treats disabled to picnic, donates computers

23-July-2014



Light showers brought about by the south east trade winds or ‘lapli vannswet’ as we say in Creole, did not deter a group of disabled youths from turning up at the Au Cap beach on Saturday for a picnic-lunch.

The 32 adolescents and young adults from the North East Point Rehabilitation Centre had happily responded to the BMI Offshore Bank’s generous offer to sponsor the outing.

To protect their invitees from the rain, the BMI staff who included its managing director Frank Hoareau, had taken the precaution to install tents on the beach. This also allowed them to indulge in different activities such as sports and dancing.

According to the executive secretary of the National Council for the Disabled, Celine Fanchette, the council was approached by the BMI which offered to host the activity as part of its community outreach programme.

At the end of the activity, each youth present received a small gift to take home from their hosts.

In its quest to help the community, the BMI has promised more such activities in the future.

Meanwhile the day before, BMI had donated two computer sets which will ease learning for the children at the School of the Disabled at North East Point.

http://www.nation.sc/article.html?id=242424

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CBS gives update on situation at the BMI Offshore Bank (BMIO)

Post  Sirop14 on Sat Aug 08, 2015 9:04 pm

CBS gives update on situation at the BMI Offshore Bank (BMIO)

08-August-2015
The Central Bank of Seychelles (CBS) has provided an update on the situation at the BMI Offshore Bank (BMIO).
According to the CBS, the reorganisation plan, which has been prepared by the reorganising agent, Huns Biltoo of KPMG, has been approved by the Supreme Court as required by the Financial Institutions Act, 2004.
Following the approval which was given on June 24, 2015, the reorganisation of the bank is ongoing and includes review of policies and procedures, remediation of clients’ Know Your Customer (KYC) documentation in line with best practices as well as capacity building of staff.
Further to the Supreme Court’s approval, Al Salam Bank (which acquired BMI Bahrain in 2014) and which has 50 per cent shareholding of the bank, met the authorities and the other shareholder in Seychelles between July 22-23, 2015 to discuss the future of BMIO.
The delegation also paid a courtesy visit to President James Michel at State House.
The positive engagement of the shareholders of BMIO towards the reorganisation of the bank which has been taking place under the management of CBS since November 2014 was welcomed.
It is noted that the approval of the reorganisation plan has reinforced the confidence of shareholders in the process and has encouraged them to also consider opportunities to develop onshore banking activities.
The head of delegation, Hussein Mohammed Al Meeza, the chairman of Al Salam’s executive committee, has highlighted that the shareholders are optimistic regarding the ongoing reorganisation of BMIO while he stressed the importance of prioritising alignment with international best practices.
In view that the parent bank of Al Salam Bahrain is already Shari’ a compliant, Mr Al Meeza expressed the shareholder’s intention to explore the possibility of converting BMIO into a Shari’ a compliant bank.
It should be noted that a recent study into Islamic Finance (which includes Islamic Banking) commissioned by the government of Seychelles has identified the potential for Islamic Banking to contribute significantly towards Seychelles’ GDP. Correspondingly, as part of the country’s Financial Sector Development Implementation Plan, which was approved by Cabinet in November 2014, CBS plans to put in place the enabling framework for the introduction of additional financial services in Seychelles, including Islamic Banking activities.
The delegation also met the Minister for Finance, Trade and the Blue Economy, Jean-Paul Adam, as well as the governor of the CBS Caroline Abel, where both sides emphasised the importance of addressing the operational issues at BMIO that would allow the bank to fully resume normal operations given that BMIO serves the offshore market which is a significant component of Seychelles’ financial sector.

http://www.nation.sc/article.html?id=246384

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Opinion - Offshore companies – The need for greater transparency

Post  Sirop14 on Mon Feb 13, 2017 12:10 pm

Opinion - Offshore companies – The need for greater transparency

13-February-2017
The transparency of director and ownership information related to Seychelles-registered offshore companies is currently under review by the National Assembly in a proposed amendment to the IBC Act. The bill has been proposed under a private member’s motion. The bill, it seems, seeks to reduce the transparency of offshore companies by removing the provision for public access to information about who the Directors of offshore companies are.

The transparency of offshore companies is a matter that worries business people as well as policymakers. A recent survey of corporate leaders in 62 countries by Ernst and Young found strong support for more transparency in company ownership; banks and legitimate firms want to know whom they are trading with and need to have access to information about the real people with whom they are doing business.

http://www.nation.sc/article.html?id=252864

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