Here is the rewritten article in Markdown format: VANUATU FINANCIAL CRIME INVESTIGATION METHODS GET A BOOST

Port Vila, Vanuatu - In a move aimed at combating financial crimes, the Financial Intelligence Unit (FIU) of Vanuatu has outlined its new methods for investigating and preventing money laundering, terrorist financing, and other financial crimes.

NEW LEGISLATION STRENGTHENS FINANCIAL CRIME LAWS

The FIU is governed by the Anti-Money Laundering and Counter-Terrorism Financing Act No. 13 of 2014, which has replaced the old Financial Transaction Reporting Act. The new legislation places a range of obligations on reporting entities, including financial institutions, to prevent financial crimes.

FIU OBLIGATIONS

• Identify and verify customer identification • Monitor transactions • Maintain business records • Report suspicious transactions • Implement a compliance regime

Failure to comply with these obligations can result in enforcement action by the FIU.

ENFORCEMENT ACTION

The FIU has the power to:

• Enforce compliance implementation on reporting entities • Conduct examinations • Issue written directions to financial institutions to take steps to comply with the Act • Request financial institutions to produce a written action plan for implementing the required obligations within a specified timeframe

FIU MISSION AND FUNCTION

The Vanuatu FIU’s primary function is:

• Intelligence gathering and compliance regulation of financial institutions

Its mission is to:

• Collect, analyze, and disseminate financial information and intelligence • Support the detection, investigation, and prosecution of money laundering, financing of terrorism, and financial/ economic crimes

WELCOME TO THE VANUATU FIU

The Financial Intelligence Unit is Vanuatu’s national agency responsible for:

• Receiving, analyzing, assessing, and disseminating financial information • Countering money laundering, terrorism financing, and suspected proceeds of crime