Regulatory Alerts2012-11-21
Foreign Exchange Act, 2009
Enacted by the President and National Assembly of Seychelles, this legislation repeals the Exchange Control Act, 1954 to establish a comprehensive regulatory framework for foreign exchange transactions. It mandates that all international payments, receipts, and transfers be processed through authorized dealers such as licensed banks and bureaux de change, while requiring exporters to receive convertible foreign currency and local businesses to advertise prices in domestic currency. The Act grants the Minister of Finance inspection and compounding powers, imposes a seven-year record-keeping obligation on foreign exchange facilitators, and establishes fines of up to 400,000 rupees or one year imprisonment for contraventions.
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