Is there any banking privacy in Seychelles?

Being an offshore financial center, Seychelles is now notorious as of late for cash laundering, drug-trafficking and even piracy due in part to its close proximity to the coast of Somalia. Consequently, the Seychelles financial intelligence device (FIU) is given broad investigative powers by the Seychelles government in an attempt to curtail such illegal activity and help legitimize the Seychelles financial market. However, with power comes punishment, and it’s recently being questioned whether an organization may lack necessary financial security whenever they choose to bank in Seychelles. While wanting to combat the negative effects of such criminal activity as money laundering, currently hijacking its global imagine, the financial intelligence unit may actually be hampering the efforts of several legitimate businesses. Records could be frozen based on unsubstantiated claims, and honest companies and individuals denied access to their hard earned cash. If you opened an account in Seychelles for the myriad benefits inherent in overseas bank, be recommended to be careful. Although it is illegal to divulge confidential and personal banking data without a court order that does not mean that your reliable assets may not fall victim to scrutiny under the financial intelligence unit and, therefore, used indefinitely without your permission.
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