An Examination of White-Collar Crime in Seychelles : How does Fiscal Fraud Impact the Physical Economy

The Seychelles is a beautiful island country in Africa, located in the Indian Ocean. Well known for its rich natural resources and beautiful landscapes, this country has been a private playground for the rich and famous. While it has the coastal paradise appeal, there is an undercurrent that continues to bubble to the surface that has the propensity for a disruptive attack on the country’s economic and financial outlook. There are many secret financial crimes that occur in small economies such as Seychelles: tax evasion, money laundering, and offshore banking. This fraudulent activity has unnerved economic systems worldwide. For the past several years, some governmental entities have been all too eager to engage in this deviant behavior for personal or financial gains and, in many cases, the consequences have been devasting. In the United States, these crimes may be referred to as white-collar crime but in international organizations, offshore secrecy is more prevalent. This paper will seek to examine the financial secrecy operations of Seychelles and answer the question of how fiscal irregularities that are shrouded in secrecy has a direct impact on the country’s economy