INTERNATIONAL CORPORATE SERVICE PROVIDERS ACT, 2003

PART IV

ENFORCEMENT

14.(1) Where the Authority has reason to believe that a licensee is:

(a) carrying on its business under the licence in a manner detrimental to the public interest, or to the interests of its clients;

(b) in contravention of the provisions of sections 6 to 13;

(c) in breach of any regulations made under this Act or any other law,

the Authority may:

(i) require the licensee to take such steps as the Authority deems necessary to comply with the law; and

(ii) specify the period of time for such steps to be taken; or

(iii) suspend the licence.

(2) A suspension shall not exceed a period of thirty days unless ordered by the Court upon the application of the Authority. Any application to the Court shall specify:

(a) the grounds on which the Authority contends that the suspension should continue;

(b) known particulars of any objections made by the licensee.

(3) Any period of suspension ordered by Court shall not exceed three months.

(4) The Authority may revoke a suspension under subsection (1) (iii) at any time, and the Court may on an application made in that behalf revoke an order made under subsection (2).

15.(1) The Authority may revoke a licence if-

(a) the Authority has reason to believe that the licensee is carrying on business under the licence in a manner detrimental to the public interest or to the interests of its clients;

(b) the Authority is satisfied that the licensee has contravened any provision of this Act or any regulation made thereunder or any directions or guidelines issued by the Authority or the provisions of any other law;

(c) the Authority is satisfied that the licensee is in breach of any condition of the licence;

(d) the licensee has ceased to carry on business under the licence;

(e) the licensee is insolvent or enters into liquidation or administration or is wound up or otherwise dissolved or it is very likely that any of the aforementioned events may soon occur;

(f) the Authority is satisfied that the licensee or am director or manager of the licensee has ceased to be a fit and proper person;

(g) the Authority is satisfied that the licensee has furnished false or misleading information to the Authority;

(h) the licensee or a director or a manager of the licensee has been convicted under a law relating to money-laundering or financing of terrorism;

(i) the Authority is of the opinion that such action is necessary to protect the good repute of Seychelles as an international financial services centre.

(2) The Authority shall give written notice of the revocation to the licensee.

(3) An application to Court against a revocation under this section shall not operate as a suspension of the revocation. unless the Court deems fit to make an order to the contrary.

16.(1) Any person who carries on the business of providing international corporate services or international trustee services without a licence under this Act commits an offence and is liable on conviction to a fine of R300.000 and where the offence continues subsequent to the conviction that person is liable to a fine of R6000 for each day that the offence is continued.

(2) Any person who with intent to deceive contravenes section 7 of this Act commits an offence and is liable on conviction to a fine of R300.000.

(3) Where an offence under this Act is committed by a body corporate and a director or other officer has knowingly authorized, permitted or acquiesced in the commission of the offence, the director or other officer also commits the offence and is liable on conviction to a fine of the same amount as applicable to the body corporate.

17. (1) An application may be made to the Court for the review of any decision of the Authority-

(a) to refuse to grant or renew a licence under this Act;

(b) to suspend a licence under section 17;

(c) to revoke a licence under section 18.

(2) An application shall be made within three months after the services by the Authority of the notice of the decision of the Authority.

(3) An appeal may be preferred to the Court of Appeal against the decision of the Court on any application.