We are happy to announce that Vanuatu has been recognized by the Financial Action Task Force for making substantial improvements in the AML/CTF legislation, including:
- Adequately criminalising money laundering and terrorist financing.
- Establishing adequate procedures for the confiscation of assets related to money laundering.
- Establishing an adequate legal framework for identifying, tracing and freezing terrorist assets and other UN sanctions.
- Ensuring a fully operational and effectively functioning financial intelligence unit.
- Strengthening preventive measures, including for wire transfers.
- Establishing transparency for the financial sector, and for legal persons and arrangements.
- Establishing an adequate AML/CFT supervisory and oversight programme for the whole financial sector and trust and company service providers.
- Establishing appropriate channels for international co-operation and domestic coordination policies and actions on identified risks and ensuring effective implementation.
This marks a key stepping stone for Vanuatu to be accepted to the global financial community as a fully compliant and committed member.