The development of the Seychelles financial centre has become a windfall for operators that use false certificates to cover their tracks.

The development of the Seychelles financial centre has become a windfall for operators that use false certificates to cover their tracks.

Reliant on international institutions' blessing of its financial sector, the government was recently scolded over this by an OECD peer review.
The OECD has scolded the Seychelles in its annual peer review of the automatic exchange of financial account information, published on 9 December. The international institution, which aims to embody the global fight against tax evasion, chided the archipelago state for deficiencies in its legal framework. The OECD pointed to a lack of a sanctions on persons and businesses that use false certificates from the Seychelles authorities to operate both in the country and in other offshore financial centres.
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