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FATF Recommendations 2022 in Vanuatu

The Financial Action Task Force (FATF) has recently released its recommendations for Vanuatu, outlining key measures to combat money laundering and terrorist financing. The report highlights several areas where Vanuatu needs to improve its regulatory framework and enforcement practices.

Key Findings

• Vanuatu’s risk assessment and risk-based approach require significant improvement.
• The country needs to strengthen its national cooperation and coordination mechanisms to effectively combat money laundering and terrorist financing.

Areas of Concern

Criminal Laws and Procedures

• Confiscation and provisional measures must be implemented, as well as targeted financial sanctions related to terrorism and terrorist financing.

Financial Institution Secrecy Laws and Customer Due Diligence

• Vanuatu’s financial institution secrecy laws need to be improved.
• Customer due diligence, record keeping, and reliance on third parties require attention.

Internal Controls and Reporting of Suspicious Transactions

• Vanuatu must improve its internal controls, reporting of suspicious transactions, and tipping-off and confidentiality practices.

Supervision and Regulation of Financial Institutions

• Regulate and supervise financial institutions more effectively, including DNFBPs.
• Ensure transparency and beneficial ownership of legal persons and arrangements.

International Cooperation

• The report emphasizes the importance of international cooperation, including:
  • Mutual legal assistance
  • Extradition
  • Other forms of international cooperation to combat money laundering and terrorist financing

Timeline for Implementation

Vanuatu has been given until [insert date] to implement these recommendations. Failure to do so may result in the country being placed on a list of non-cooperative jurisdictions by FATF.