27 Functions and duties of FIU

(1) The functions of the FIU are—
(a) to receive reports and requests, analyse and interpret reports of unusual or suspicious financial activities, made by reporting entities under section 48;
(b) to analyse other information disclosed to it or obtained by it under the provisions of this Act;

(c) to inform appropriate law enforcement agencies, intelligence agencies or the appropriate supervisory authorities by disseminating a financial intelligence report and other necessary information, for further investigation, if the FIU finds that there are reasonable grounds to believe that a transaction or activity involves a criminal conduct, money laundering or terrorist financing activity;
(d) to direct any reporting entity or person to refrain from completing any transaction or transfer, if the FIU finds that there are reasonable grounds to believe that a transaction or activity reported to it involves a criminal conduct, money laundering or terrorist financing activity; (Amended by Act 62 of 2021 & Act 12 of 2024)
(e) in addition to directing a reporting entity or person under paragraph
(d), instruct the reporting entity to freeze the banking or similar account or electronic wallet of the entity or person in respect of whom any report has been submitted:
Provided that the period for refraining the reporting entity from completing the transaction or transfer under paragraph (d) and freezing of banking or similar account or electronic wallet of the entity or person under paragraph (e), shall not exceed ten working days;
(Amended by Act 62 of 2021 & Act 12 of 2024)
(f) to seek additional information or documents from the reporting entities, within the period during which the transaction, the transfer or banking or other accounts are restricted under paragraphs (c) and
(d) and take such steps as may be appropriate to facilitate any investigation undertaken or to be undertaken, to enable it to properly perform its functions under this Act;
(Amended by Act 12 of 2024)
(g) to apply to the court for extension of the period referred to in paragraph (e) for a further period of ten days, on good cause shown;
(Amended by Act 7 of 2021)
(h) to respond to the requests from law enforcement authorities, intelligence agencies, or supervisory bodies for information relevant to the performance of their obligations under this Act or any other related legislation with the decision of dissemination of the information to the requesting authority available with the FIU;
(i) to supervise the entities (except the entities at serial numbers 7 and 8) specified in Part C of Schedule 1;
(j) to issue guidelines to the reporting entities including but not limited to exercising due diligence, record-keeping, reporting suspicious activities and time lines for responding to the request made by the FIU;

(k) to create and maintain a database of all reports of suspicious financial activities, currency transaction reports, cross border reports, wire transfer reports and such other materials as may be necessary for the proper functioning of the FIU;
(l) to compile and maintain statistics and records, disseminate information within Seychelles or elsewhere, and conduct research into the trends and developments in money laundering and the terrorist financing activities;
(m) to consult with any relevant person, institution or organisation for the purpose of discharging the functions under the Act;
(n) to supervise Non-Profit Organisations based on risk in relation to terrorist financing activities;
(o) to undertake due diligence checks and other inquiries as may be requested in writing by a government department or authority;
(p) to periodically inform reporting entities and other relevant agencies on the outcome of reports or information given to it under this Act;
and
(q) to perform any other function or duty as may be considered necessary for the prevention of money laundering and terrorist financing activities.