Intercontinental Trust Seychelles Limited (ITSL) Director Sebastien Levantard who heads the Seychelles office, speaks to Platform Africa about the jurisdiction’s journey to a low-risk, well-regulated financial centre for cross-border structuring. He notes that ITSL is seeing growing demand for Seychelles vehicles, especially from clients looking to diversify away from traditional centres, while discussing three noteworthy rankings that find Seychelles pioneering African economies.
Indeed, be it the Economic Crime 2025 Index, the Ibrahim Index of African Governance for 2024 or the 2024 Corruption Perceptions Index, Sebastien explains how the jurisdiction is making a mark in the global investment landscape through good governance and transparency.
Edited excerpts from an exclusive interview:
1. In October 2024, the Seychelles and the UK reaffirmed their commitment to collaborate on enhancing economic growth, combating corruption and addressing climate change. The UK Minister for Africa also highlighted a new agreement to combat illicit financing, promoting transparency in the Seychelles. How do you see these commitments translating into an improved business climate on the ground?
Since the signing of the UK–Seychelles Economic Security Agreement in October 2024, we have seen concrete steps taken to bring these commitments to life. Notably, in May 2025, the two countries completed their first six-month review, leading to renewed UK funding to enhance Seychelles’ digital forensic capabilities and transparency frameworks.
Seychelles has also implemented new rules requiring all companies and legal arrangements to conduct annual reviews of their beneficial ownership data, including nominee declarations. This systematic approach aims to improve accuracy and support compliance processes.
For us from the financial services sector, this translates to smoother onboarding, reduced compliance friction, and increased credibility with international regulators and banks. When foreign institutions recognise that Seychelles entities operate under a transparent and enforceable regime, they are more likely to support transactions and relationships.
Moreover, Seychelles’ leadership in this area was underscored when it hosted the inaugural African Beneficial Ownership Transparency Network (AfBOTN) meeting in October 2024. Co-chaired by the UK and supported by the African Development Bank, this initiative positioned Seychelles at the forefront of regional governance and anti-financial crime initiatives.
In summary, these advancements indicate that Seychelles adheres to international standards and actively contributes to the progression of responsible business practices. For our industry, it is a boost in legitimacy, confidence, and international connectivity.
2. The recent report by consulting firm Secretariat International, the Economic Crime 2025 Index, has ranked the Seychelles as Africa’s least risky country for financial and economic crime. The index, which evaluates 177 countries on their exposure to financial crimes like money laundering, corruption, and organised crime, has also ranked the Seychelles as 22nd in the world. Could you comment on key takeaways from the report released in April 2025, and what it has meant for investor confidence in the Seychelles as a fund jurisdiction of note?
This ranking is a standout achievement for Seychelles. According to the Secretariat Economic Crime Index (SECI), Seychelles not only ranked 1st in Africa but 22nd globally.
It is classified within the “Vigilant Players” category, recognised for actively strengthening its anti-financial crime frameworks.
This statement is supported by tangible reforms that have been both implemented and observed in practice.
For our sector, this is a game-changer. These rankings reflect that Seychelles is no longer viewed as a high-risk offshore jurisdiction. Instead, it is emerging as a low-risk, well-regulated jurisdiction for cross-border structuring. That has major practical benefits: for example, onboarding clients with financial institutions has become smoother because the due diligence flags are lower when Seychelles structures are involved.
We have also seen growing demand for Seychelles vehicles, especially from clients looking to diversify away from traditional centres. This report validates that trend, reinforcing confidence in our compliance infrastructure and the steps taken to reduce exposure to financial crime.
Importantly, the SECI leverages from a wide array of respected sources such as the Basel AML Index, Corruption Perceptions Index, and Organized Crime Index. This multi-source approach gives the ranking additional credibility with international compliance teams and regulators. For clients, it means lower reputational risk. For service providers, it strengthens our ability to market Seychelles as a modern and trusted jurisdiction. This ranking has helped convert perception into confidence, and confidence into action.
3. This report is not an isolated development but has also found echoes in others such as the Ibrahim Index of African Governance for 2024 where the Seychelles was ranked 1st in Africa. Moreover, the Mo Ibrahim Foundation noted that the Seychelles is both the best performing and most improved country on the continent, gaining an impressive +10.0 points following progress over the decade, far above the modest continental average change limited to 1 point. Could you provide your views on key takeaways from the report and elaborate on how the improved governance climate translates into a more conducive environment for investors to do business?
The 2024 Ibrahim Index of African Governance (IIAG) paints a compelling picture of Seychelles’ governance trajectory. With a score of 75.3, Seychelles ranked 1st in Africa and achieved the highest improvement over the last decade, with gains in every one of the 16 governance sub-categories, particularly in anti-corruption mechanisms and citizen participation.
This is significant for the financial services sector. Good governance is the bedrock of investor confidence. When clients see that a jurisdiction offers consistent regulatory frameworks, impartial legal systems, and functioning institutions, they are more likely to invest and establish structures. The IIAG results show Seychelles is delivering on all fronts.
This improved governance climate reduces uncertainty, enhances the ease of doing business, and positions Seychelles as a credible, long-term partner for international investment. For us, it means faster licensing processes, better interactions with regulators, and smoother coordination across government departments.
The index indicates that Seychelles is recognised for its governance in Africa. It is a clear signal to fund managers, institutional investors, and private clients that we are a jurisdiction where risk is managed, standards are rising, and business can be conducted with confidence.
4. Rounding up the trio of impressive accolades for the Seychelles is the ranking secured by the island nation in the 2024 Corruption Perceptions Index (CPI) published by Transparency International in January 2025. Here, the Seychelles not only ranked 1st in Africa and 18th globally, but also got its highest score of 72 out of 100 to date, further reinforcing its reputation for good governance and transparency. How does this continued thrust on transparency, with successive No 1 ranking in the index across the years, reflect on the Seychelles as a fund jurisdiction of substance?
Seychelles’ performance in the 2024 Corruption Perceptions Index is a strong vote of confidence in the country’s commitment to clean and accountable governance. Scoring 72 out of 100, our highest score yet, and ranking 1st in Africa and 18th globally, Seychelles has positioned itself ahead of major economies. This marks the fifth consecutive year that Seychelles has led the continent in this index, and the momentum is clearly moving in the right direction.
In our sector, reputational strength matters. When a jurisdiction consistently ranks among the best in the world for transparency and anti-corruption, it gives international clients, banks, and regulators added assurance that structures established here meet the highest standards.
We are already seeing the effects on the ground with increased interest for choosing Seychelles as a jurisdiction of substance. The reason is simple: decision makers and advisers now have independent, internationally recognised data to point to when justifying why they have selected Seychelles.
This reputation is reinforced by real regulatory reforms. We have introduced mandatory disclosures of beneficial ownership, including nominee relationships, and enforced regular reviews of that data. Companies are required to file accounting records twice a year, with clear retention timelines. The trust legislation has been modernised to include stronger oversight, financial reporting, and recordkeeping. These changes give substance to our rankings, they are not just earned on paper but implemented in practice.
Seychelles’ top-tier CPI ranking is a reflection of the progress we have made and a signal that this is a jurisdiction where substance, compliance, and transparency are not optional, but expected. For our sector, this means we can confidently offer our clients a stable, credible platform for international structuring, knowing we are backed by global recognition and real reforms.
5. Finally, innovation is a key success factor in the fund administration space. In September 2024, the Virtual Assets Service Providers (VASP) Act 2024 was officially enacted in the Seychelles, establishing a regulatory framework for VASPs that clearly defines their obligations and responsibilities in relation to virtual asset activities in or from the country. Could you provide your insights into how this cutting-edge legislation allows the Seychelles to enhance investor protection and foster innovation in the virtual asset space?
The VASP Act 2024 is a defining moment for Seychelles as a forward-looking financial centre. With this legislation, Seychelles has introduced a full-fledged legal framework to regulate virtual assets.
The law requires VASPs to be licensed by the Financial Services Authority (FSA), adhere to strict AML/CFT standards, and maintain a local presence. It also ensures robust consumer protection through segregation of client assets and mandatory cybersecurity safeguards.
For our sector, the opportunity is clear. We can now support clients within a regulated, credible environment. Investors benefit from greater legal certainty, and service providers gain a clear roadmap to participate in this space responsibly.
Importantly, the VASP Act included a transition period, during which existing providers were required to regularise their status with the FSA. Since then, the regulator has already taken steps against unlicensed entities, showing that enforcement is being taken seriously.
It is a robust framework that balances the need for innovation with the obligations of financial integrity. For investors looking to future-proof their structures, Seychelles now offers a regulated, transparent environment for engaging with digital assets, making us not only relevant, but competitive, in the fast-evolving world of finance.
