Financial Crime World

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Vanuatu Imposes Financial Sanctions on Terrorists and Those Supporting Terrorism

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Port Vila, Vanuatu - The Government of Vanuatu has recently enacted a new law aimed at preventing terrorism and imposing financial sanctions on individuals and entities designated by the United Nations Security Council Resolutions and domestic resolutions.

The United Nations Financial Sanctions Act No. 6 of 2017

The Act outlines a process for designating persons and entities subject to prohibitions arising from UN Security Council Resolutions and domestic resolutions. It also establishes the Vanuatu Financial Intelligence Unit (VFIU) as the sanctions secretariat, which supports the functions of the newly appointed National Security Advisory Committee.

Designated Persons and Entities

Designated persons and entities will be notified of the prohibitive measures imposed on them. Those affected can seek authorisation to deal with frozen assets and access financial services for basic expenses, contractual obligations, or extraordinary expenses.

Compliance and Reporting

The VFIU has made available various forms and guidelines for reporting entities and individuals to follow in order to comply with the new law. These include:

  • Applications for designation
  • Authorisation to use or deal with property
  • Certificates of acknowledgement of false positive identification

Reporting entities and individuals are required to know and understand their customers or properties held in their custody and report any suspected sanctions violations to the VFIU immediately.

Delisting Requests

Designated persons can seek delisting by requesting it via the VFIU or directly from the relevant UN Security Council Committee. Those listed on the 1267 Sanctions List can submit a request for delisting directly or through a representative, while those listed on the 1988 or 1718 Sanctions Lists must do so through the Focal Point for Delisting.

Contact Information

The contact details of the VFIU are available to the public, including:

  • Telephone number
  • Mobile phone number
  • Email address

Accessing United Nations Designations

The full list of United Nations designations can be accessed via the VFIU’s website.