Regulatory Alerts2020-12-14
Foreign Exchange Act 2009 (Consolidated to 30 June 2012)
The Central Bank of Seychelles enacted this consolidated legislation to regulate foreign exchange operations and international transactions within the jurisdiction. The Act mandates that all cross-border payments, receipts, and transfers be processed through authorized dealers, requires exporters to receive convertible foreign currency, and stipulates that domestic currency must be used for locally provided goods and services unless contractually agreed. It establishes seven-year record-keeping obligations, grants the Minister and Central Bank Governor inspection and compounding powers, and imposes fines up to R400,000 or one year imprisonment for non-compliance.
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