The global economic crisis has intensified the debate about the role of International Financial Centres. Concerns have been expressed with regards to such issues as transparency, information exchanges on mutually agreed bases and the overall strengthening of the international regulatory architecture of international financial centres. The international movements today are aimed towards reducing global inequality, the promotion of a level playing field and fair competition and the combating and prevention of financial crimes.
The proposed new International Corporate Service Providers’ Act (the “ICSP Act”) aims at strengthening and enhancing the existing regulatory and compliance framework by adopting standards stemming from the above. The proposals do take into account the issue of competitiveness and the industry may take comfort in the fact that the proposals do not erode that but rather will increase the attractiveness of the Seychelles as a jurisdiction of substance and one which is safe.
The new Act has been drafted by taking into consideration the already existing international best standards of practice, which have been adopted and implemented by a number of reputable and successful international financial centres.
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