Vanuatu Receives Financial Action Task Force (FATF) Recognition
April 11, 2018
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.