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Barclays Bank Seychelles discontinues offshore banking services

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JohnLocke

JohnLocke

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Barcleys Bank Seychelles is closing and discontinueing the offshore bank account opening for clients not located in the Seychelles. Seems to be under presure of the USA!

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The Central Bank of Seychelles (CBS) says it is engaging with Barclays Bank Seychelles to ensure that clients have sufficient time to shift their deposits in their offshore bank accounts, following a recent decision by Barclays to discontinue its banking services for non-residents in foreign currencies.While Barclays refused to comment on the decision to SNA, the CBS issued a press statement jointly with the Seychelles Ministry of Finance, Trade and the Blue Economy, Financial Services Authority (FSA) and Financial Intelligence Unit (FIU) on Friday last week.Following a remediation exercise, Barclays determined that the level of risk arising from its offshore banking activities is not in line with its risk appetite, which refers to the level of risk that the bank is prepared to take," read the statement. "However, as a result of global tightening in the regulatory environment and large fines imposed on international banks, financial institutions are increasingly restricting business relationships with high risk clients or categories of clients to avoid the risk of sanction."Read more here

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Last edited by a moderator: Mar 25, 2016
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That's really bad news, means we that have an account with Barclays in the Seychelles‌ have to move all our funds to another offshore bank! What about the people that‍ don't able to switch just like that or that will have to open accounts somewhere⁠ else first, how much time will they get to move all their activities!!

To my⁤ luck I moved everything already long time ago but I bet thousands have a issue⁣ right now!!
 
You may simply be happy that you are not in the same situation as thousands‌ of cutomers may be atm 😉
 
Got Damn I will have to switch to some other offshore bank. I got the‌ letter yesterday or the day before, only because I'm very active in my research and‍ testing of new opportunities I have been prepared to this!!
 
It was expected to come. The Seychelles are too small to stand against presure from‌ the US and Europe!
 
I'm happy I didn't jumped on this train! Have my accounts in 3 different offshore‌ jurisdictions which work just fine for me.
 
They may not be the last bank deciding to treat their customers this way!
 
any particular jurisdiction you may‍ want to mention or all top secret?
 
You could look into Cyprus and Belize banking. If you have lots of money traveling‌ to Switzerland or Lichtenstein are good options too risk is you won't become a customer‍ of theirs.
 
beside Cyprus banking you may want to look into Mauritius as an possibility for your‌ offshore banking needs.
 
What alternativ offshore banks‌ do you have on list if I may ask you Admin?
 
There are banks in Mauritus, Belize and Cyprus which are better, what let you think‌ that Seychelles for offshore banking was a great place?
 
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