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US AML Regulations in Vanuatu: Understanding the Framework

Vanuatu’s financial landscape has undergone significant changes with the introduction of the Anti-Money Laundering and Counter-Terrorism Financing Act No. 13 of 2014, which replaced the Financial Transaction Reporting Act of 2000. The new act came into effect on June 24, 2014.

Overview of the AML&CTF Framework

The AML&CTF Act sets out a comprehensive framework for preventing money laundering and financing terrorism in Vanuatu. At its core is the classification of businesses and professions as reporting entities, which are required to implement and comply with various preventive measures.

Requirements for Reporting Entities

These measures include:

  • Registering with the Vanuatu Financial Intelligence Unit (VFIU)
  • Appointing an AML&CTF Compliance Officer
  • Establishing and maintaining procedure manuals
  • Risk-based systems and controls
  • Customer due diligence records
  • Submitting transaction reports to the VFIU
  • Undergoing regular staff training on AML&CTF issues

Correspondent Banking Processes and Independent Audit Systems

The AML&CTF Act also emphasizes the importance of correspondent banking processes and independent audit systems.

Staying Up-to-Date with Vanuatu’s AML Regulations

For those looking to stay up-to-date with Vanuatu’s AML regulations, the act can be downloaded from the official government website. The Consolidated Anti-Money Laundering and Counter-Terrorism Financing Act No. 13 of 2014 is available for download, as well as subsequent amendments passed in 2015 and 2017.

Other related legislation that businesses operating in Vanuatu should be aware of includes:

  • Proceeds of Crime Act
  • Mutual Assistance in Criminal Matters Act
  • Counter Terrorism and Transnational Organised Crime Act
  • Currency Declaration Act
  • Penal Code
  • Customs Act
  • UN Convention against Corruption (Ratification) Act

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