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Vanuatu’s AML Regulations Face Scrutiny: A Comprehensive Review

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In a bid to assess Vanuatu’s compliance with global anti-money laundering (AML) regulations, experts have evaluated the country’s efforts in implementing technical requirements of the Financial Action Task Force (FATF) Recommendations. This review provides a comprehensive overview of Vanuatu’s AML framework, highlighting areas of strength and weakness.

Risk Assessment and Risk-Based Approach

Vanuatu has been found to be Non-Compliant (NC) in its risk assessment and risk-based approach, failing to adequately assess the money laundering risks associated with its financial system.

Areas of concern: lack of a robust risk assessment framework, inadequate identification of high-risk customers and transactions

National Cooperation and Coordination

The country’s national cooperation and coordination mechanisms have also been deemed Non-Compliant, lacking a clear framework for inter-agency collaboration and information sharing.

Areas of concern: insufficient communication between financial institutions and law enforcement agencies, limited information sharing between government departments

Money Laundering Offence

Vanuatu has been found to be Partially Compliant (PC) in its money laundering offence provisions, with some laws and regulations failing to provide sufficient criminal penalties and confiscation measures.

Areas of concern: lack of clarity on the definition of money laundering, insufficient criminal penalties for money laundering offenses

Confiscation and Provisional Measures

The country’s confiscation and provisional measures have been deemed Partially Compliant, with some limitations and weaknesses identified in their application.

Areas of concern: limited scope of confiscation powers, inadequate procedures for freezing assets

Terrorist Financing Offence

Vanuatu has been found to be Partially Compliant in its terrorist financing offence provisions, with some laws and regulations failing to provide sufficient criminal penalties and confiscation measures.

Areas of concern: lack of clarity on the definition of terrorist financing, insufficient criminal penalties for terrorist financing offenses

The country’s targeted financial sanctions related to terrorism and terrorist financing have been deemed Partially Compliant, with some limitations and weaknesses identified in their application.

Areas of concern: limited scope of targeted sanctions, inadequate procedures for listing individuals and entities

Note: C = compliant, LC = largely compliant, PC = partially compliant, NC = non-compliant.