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President Wavel Ramkalawan chaired a Cabinet meeting today (Wednesday, June 26) to approve a number of laws and policy memoranda.
The Cabinet has approved the drafting of the Financial Consumer Protection (Complaints Handling) Regulations. These regulations seek to outline the complaints handling process through a two-step approach. First, they will address complaints lodged against financial service providers, specifying the procedures and requirements that these providers must follow when handling complaints from financial consumers.
The Cabinet has approved a proposal to amend the Criminal Code to include hatred as an aggravating factor for crimes based on the victim’s actual or perceived protected characteristic. In addition, the amendment will introduce the offence of hate speech, which involves the intention to incite hatred against a person or group based on a protected characteristic. This will cover various forms of communication that are perceived as threatening, abusive or insulting.
Cabinet has approved the introduction of comprehensive legislation to protect whistleblowers. The legislation will clearly set out the rights and responsibilities of all parties involved and ensure effective implementation of the law. It will also establish a safe and secure mechanism for whistleblowers to disclose information without prejudice.
The Cabinet has approved the proposed Virtual Asset Service Providers Bill and its subsequent amendments. The legislation is aligned with the Virtual Asset (VA) and Virtual Asset Service Providers (VASP) Regulatory Framework approved on January 17, 2024, and seeks to establish a licensing regime for the VA sector under the Financial Services Authority (FSA). It includes necessary amendments to the Anti-Money Laundering and Countering the Financing of Terrorism Act, 2020, the Financial Services Authority Act, 2014, the International Business Companies Act, 2016, and the Financial Consumer Protection Act, 2022. These amendments will ensure comprehensive regulation and oversight of VA and VASP activities, and improve transparency and compliance in the industry.
The Cabinet approved the Central Bank of Seychelles (Amendment) Bill, 2024. The main changes include increasing the bank’s authorised capital to SCR 550 million, revising profit distribution rules to retain earnings until authorised capital reaches 10% of monetary liabilities, and establishing a clear recapitalisation process.
Cabinet was briefed on the results of a national survey on non-communicable diseases. The Seychelles Heart Study V was based on a random sample of Seychellois nationals aged 18-74 years and was conducted between August and December 2023. A total of 1205 participants were included. The data updates information collected by the Ministry of Health in four similar surveys conducted since 1989, the last in 2013.
The relevant ministries will provide detailed information.
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