Afif said the companies responsible for registering offshore companies had already sounded the alarm by explaining the potential losses to Seychelles.
"If we had left the law as it was, it would have brought our offshore system down," he said.
With increasing development in the offshore sector, Seychelles undertook a full review of the International Business Act in 2016. A new provision under Section 152 of the Act required companies to publicly disclose the list of their directors and owners, giving them two years to comply, which expired on 1 December 2018.