The government of Seychelles has announced the implementation of a new set of regulations under the Seychelles Gambling Act, aiming to strengthen control over the online gaming and betting sector. This measure, approved by the Cabinet of Ministers last Wednesday, seeks to clarify the specific categories of interactive gambling for the purpose of issuing licenses, as well as the applicable fees and conditions.
According to Vice President Ahmed Afif, the new regulations aim to provide the Financial Services Authority (FSA) with more effective tools to manage and control the operations of licensees. He also highlighted that the Gambling Act from 2014 stipulates that regulatory bodies must establish regulations controlling how gambling is conducted.
However, Afif stated that the current legislation has flaws that allow online gaming activities without proper supervision. “We have many online gambling, called gaming, and often the way the law is, the government finds itself in a situation where it has given a license to somebody but it does not control online gaming and this allows the licensees to do these activities without contravening their licenses,” he explained.
The vice president emphasized that the regulation will bring more clarity to bettors and more control over illicit activities such as money laundering.
“If you venture into the online area, you must have certain control in place, for example, you must have someone who will know exactly what is the receipt for online gambling. Someone who is controlling how payment is being made for online gaming and this will be in line with all the conditions set against money laundering passing through our jurisdiction,” he said.