(Seychelles News Agency) - Representatives from the African Beneficial Ownership Transparency Network (AfBOTN) met at the Eden Bleu Hotel in Seychelles on Wednesday to discuss opportunities and challenges in implementing beneficial ownership reforms.

The meeting organised by the African Development Bank, the UK Foreign, Commonwealth and Development Office, and supported by Open Ownership, provides a platform bringing together 13 members from the region to discuss the formalities of beneficial owners.

During the two-day event, they are also addressing priorities member countries have identified during Network's activities over the past year and working on how to undertake concrete steps, including the role of international donor organisations to support effective implementation in member countries.

Seychelles, an archipelago in the western Indian Ocean, has put in place measures over the past few years to improve transparency in the sector, introducing the Beneficial Ownership Act and the Anti-Money Laundering and Countering the Financing of Terrorism Act in 2020.

The Beneficial Ownership Act 2020’s primary role is the identification and verification of beneficial ownership of legal persons and legal arrangements. It is also to establish and maintain up-to-date registers of beneficial owners and a centralised database.

Seychelles' Minister for Finance, Naadir Hassan, explained that both have been “instrumental to furthering transparency of legal persons and legal arrangements in Seychelles, by improving the legislative framework for identification and verification of beneficial owners, as well as through the establishment of a centralised beneficial ownership database.”

Meanwhile, the director of the Financial Intelligence Unit (FIU), Richard Rampal, told the press in an interview that the meeting was in line with the country’s national strategy of bringing more transparency in the financial sector.

“It is important nationally, regionally and internationally, as we have seen that there have been structures established to hide ownership of businesses, that are not necessarily in line with the norms of best practices,” he explained.

Rampal went on to add that there has been a regional effort to converge the existing regulatory systems “so that they will no longer be appealing to criminals.”

Hassan said that “by collaborating across borders and sectors, we can strengthen our initiatives and create a robust framework that fosters a culture of transparency...Together, we can lay the groundwork for a more transparent and equitable Africa, where the benefits of ownership are clearly defined, and the interests of all citizens are protected."

The Financial Action Task Force (FATF), an initiative of the G7 group of countries to develop policies to combat money laundering, is also attending the meeting in order to guide the members on the norms of good practices they will need to follow.

“We are hoping that while we will be sharing good practices over these two days, we will also be learning the most convenient way to tackle our measures where beneficial ownership is concerned,” said Rampal. 

On Tuesday, Seychelles signed an economic security partnership agreement with the United Kingdom, which will seek to address illicit finance and promote greater transparency in the country.