President Wavel Ramkalawan, yesterday, Wednesday 17th January, chaired the first scheduled meeting of the Cabinet for the year 2024 in which a number of legal memoranda were approved.

Cabinet approved the introduction of the regulatory framework for Virtual Assets and Virtual Assets Services Providers. This regulatory framework has been developed with a view to encourage innovation and support the growth of the Virtual Assets industry in a responsible and sustainable manner, whilst also importantly addressing and safeguarding against the potential financial crime risks associated with the misuse of Virtual Assets products and Virtual Assets Services Providers services offered in or from the Seychelles.

The National Anti-Money Laundering and Countering the Financing of Terrorism Committee (NAC) has been actively engaged in an action plan to address such risks and the requirements of the Financial Action Task Force (FATF) Recommendation 15 which relates to new technologies. The NAC will finalise the legislation before the end of February 2024 for submission of a re-rating request for Recommendation 15 by March 2024.  The re-rating will be considered by the Eastern and Southern African Anti-Money Laundering and Countering the Financing of Terrorism (ESAAMLG) Task Force in September 2024.

Cabinet was also briefed on the status of the Long Island Lease and Project Development.  Cabinet was satisfied that after successful negotiations with Polus; the investor that was engaged to develop the property; the Long Island is now the property of the Seychelles Government.  Cabinet was also briefed on the new investor that has been selected to develop the island. Al Sharqia Holding, a UAE based company was selected as the preferred investor on the basis that they met the requirements of the case.