Vanuatu Government Enacts UN Financial Sanctions Act to Combat Terrorism and International Threats

=====================================

Landmark Legislation to Prevent Terrorism and Address International Concerns

Port Vila, Vanuatu - The Government of Vanuatu has passed a significant piece of legislation, the United Nations Financial Sanctions Act, aimed at preventing terrorism and addressing international concerns. This landmark act enables the country to impose prohibitions arising from United Nations Security Council Resolutions.

Key Provisions of the Act

• The Prime Minister of Vanuatu, guided by the National Security Advisory Committee (NSAC), is empowered to designate individuals and entities subject to financial sanctions.
• The NSAC comprises top officials from key government ministries, law enforcement agencies, and other relevant institutions.
• A clear process for designating individuals and entities as targets of financial sanctions has been outlined, including measures to freeze their assets and prohibit transactions with them.
• Authorizations and procedures for exempting certain transactions or activities from the scope of the prohibitions have also been established.

Significance of the Act

The United Nations Financial Sanctions Act is a major step forward in Vanuatu’s efforts to combat terrorism, money laundering, and other financial crimes that threaten international security. The law aims to bring Vanuatu into compliance with its obligations under Article 41 of the Charter of the United Nations and to implement relevant UN Security Council Resolutions.

Accessing the Act

The full text of the United Nations Financial Sanctions Act can be downloaded or viewed on the government’s website for further information.