14 Appointment of Director

(1) There shall be a Chief Executive Officer of the FIU, who shall be known and referred to in this Act as the Director, and shall be appointed by the President on the recommendations of the Selection Committee, following the advertising of the post.
(2) A person shall not be qualified to be appointed as a Director, unless he or she—
(a) is a Seychellois;
(b) holds a degree in law, economics, finance or any discipline from an institution recognised by the Seychelles Qualifications Authority;
(c) has at least seven years of work experience in the relevant field of his or her educational qualifications; and
(d) has such other qualifications or requirements as may be prescribed by regulations.
(3) Notwithstanding the provisions of subsection (2), no person shall be appointed as Director, if such person—
(a) is a director, employee, shareholder or holds any interest, in a reporting entity;
(b) is mentally incapable of carrying out his or her functions under this Act;
(c) is an insolvent or has been declared bankrupt or enters into an arrangement with his or her creditors whether in Seychelles or elsewhere; or
(d) has been convicted of a felony involving dishonesty whether in Seychelles or elsewhere.

(4) The term of office, terms and conditions, salary and allowances of the Chief Executive Officer shall be such as may be prescribed.
(5) The President shall, by notice in the Gazette, appoint a Selection Committee consisting of a representative of the Ministry of Finance, a representative of a supervisory authority, other than the FIU, under this Act and a representative of a law enforcement agency of the Government to recommend the names of suitable persons for appointment as Director or Deputy Director under this Act.