State House

Office of the President of The Republic of Seychelles

Cabinet Decisions

Cabinet Business Wednesday 26th June 2024

President Wavel Ramkalawan, chaired a scheduled meeting of the Cabinet today, Wednesday 26th June in which a number of legal and policy memoranda were approved.

The Cabinet has approved the drafting of the Financial Consumer Protection (Complaint Handling) Regulations. These regulations are designed to outline the complaint handling process through a two-step approach. Initially, they will address complaints lodged with Financial Services 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 Penal Code to include hate as an aggravating factor in offenses based on a victim’s actual or perceived protected characteristics. Additionally, the amendment will introduce the offense of hate speech, which will involve the intent to incite hatred towards a person or group based on their protected characteristics. This will cover various forms of communication that are perceived as threatening, abusive, or insulting.

The Cabinet has approved the introduction of comprehensive legislation to protect whistle blowers. This legislation will clearly define the rights and responsibilities of all involved parties, ensuring the effective enforcement of the law. It will also establish safe and secure mechanisms to allow whistleblowers to disclose information without facing prejudice.

The Cabinet has approved the proposed Virtual Asset Services Providers Bill and its consequential amendments. This legislation, aligning with the regulatory framework for Virtual Assets (VA) and Virtual Asset Service Providers (VASP) approved on January 17, 2024, aims 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 supervision of VA and VASP activities, enhancing clarity and compliance within the sector.

Cabinet approved the Central Bank of Seychelles (Amendment) Bill, 2024.  The key changes include increasing the Bank's authorized capital to SCR 550 million, revising profit distribution rules to retain earnings until statutory capital reaches 10% of monetary liabilities, and establishing clear recapitalization procedures.

Cabinet was briefed on the results of a national survey of non-communicable diseases.  The Seychelles Heart Study V is based on a random sample of Seychellois national aged 18-74 years, and was conducted between August and December 2023. A total of 1205 participants were included. The data updates information collected in 4 previous similar surveys performed by the Ministry of Health since 1989, with the last one in 2013.

Relevant Ministries will provide details.