7 Functions of Committee

(1) The functions of the Committee shall be for—
(a) promoting collaboration amongst institutions, agencies and supervisory bodies tasked with developing and implementing policies and measures to combat money laundering and terrorist financing activities in Seychelles;
(b) ensuring that policies and measures to combat money laundering and terrorist financing activities are effectively implemented;
(c) developing and recommending legislative, regulatory and policy reforms to improve policies and measures to combat the money laundering and terrorist financing activities to the Minister;
(d) fostering and enhancing international cooperation and collaboration concerning matters relating to money laundering and terrorist financing activities;

(e) overseeing the implementation of recommended actions relating to money laundering and terrorist financing activities on the basis of national risk assessments and internationally accepted standards of best practices; (Amended by Act 7 of 2021)
(f) coordinating domestic coordination between stakeholders in combating money laundering and terrorist financing activities;
(g) having oversight of the communication strategy on all matters related to money laundering and terrorist financing activities;
(h) capacity building activities to strengthen the country’s response in combating money laundering and terrorist financing activities;
(i) engaging with technological developments both on the domestic and international level and the risks they pose for money laundering and terrorist financing activities;
(j) conducting national risk assessments;
(j1) prior to the launch of a new product or business practice or the use of a new or developing technology, identifying and assessing the money laundering and terrorist financing risks that may arise in relation to the development and use of new products or business practices, or new or developing technologies for both new and preexisting products, and take appropriate measures to manage and mitigate those risks;
(Inserted by Act 12 of 2024)
(k) developing effective and efficient strategies to ensure financial investigations are an operational part of law enforcement efforts through an effective policy that incorporates the skills of all relevant agencies in the generation of financial intelligence and pursuit of financial investigations;
(l) advising the Minister on any aspect of money laundering and terrorist financing activities the Minister is required to seek the advice of the Committee under this Act; (Amended by Act 7 of 2021)
(m) addressing the issues relating to the operational independence of the FIU; (Amended by Act 7 of 2021)
(n) fostering cooperation and coordination between relevant authorities to ensure the compatibility of anti-money laundering and countering the financing of terrorism requirements with data protection and privacy rules and any other similar provisions;
(Inserted by Act 7 of 2021)
(o) ensuring cooperation and coordination amongst relevant authorities in combating the financing of proliferation of weapons of mass destruction; (Inserted by Act 7 of 2021)

(p) coordinating with the relevant authorities to maintain comprehensive statistics on matters relevant to the effectiveness and efficiency of their anti-money laundering and countering the financing of terrorism systems; and (Inserted by Act 7 of 2021)
(q) fostering and enhancing partnership between stakeholders, through the provision of guidance and feedback, to support the application of national measures to combat money laundering and terrorism financing. (Inserted by Act 7 of 2021)
(2) The Committee may constitute adhoc sub-committees consisting of members other than members of the Committee, to assist it in the performance of its functions.
(3) No member of the Committee or the sub-committees shall, without the written consent of the Committee, publish or disclose to any person other than in the course of their duty, the content of any of the documents, communication or information which relates to, and which has come to their knowledge in the course of their duties as a member of the Committee or sub-committee.
(4) The Committee may convene its meetings or conduct its business virtually.
(5) Member of the Committee shall be paid an allowance for attending meetings, as may be prescribed by regulations.
(6) The Committee shall constitute a Technical Committee consisting of members other than the members of the Committee, to assist it in the performance of its functions and members of the Technical Committee shall be paid an allowance for attending the meetings, as may be prescribed by regulations.