Financial Crime World

Vanuatu’s Financial Intelligence Unit Enforces Strict Reporting Requirements for Suspicious Transactions

The Financial Intelligence Unit (FIU) of the Government of Vanuatu is dedicated to combatting financial crime and terrorism financing through stringent reporting requirements for suspicious transactions. In accordance with the Anti-Money Laundering and Counter-Terrorism Financing (AML&CTF) Act and related regulations, reporting entities are required to follow these guidelines to ensure effective prevention and detection of illicit activities.

Reporting Suspicious Transactions in Vanuatu

Key reporting requirements for suspicious transactions include:

  1. Submission of Suspicious Transaction Reports (STRs) and Suspicious Activity Reports (SARs): Reporting entities must report any transaction or attempted transaction that they suspect involves proceeds of crime or is linked to terrorist financing to the FIU Director (see Figure 1). This applies to a wide range of businesses and organizations.

    FIU Director Figure 1: The FIU Director

  2. Prompt Submission: Reports should be submitted as soon as possible but not later than two working days after forming the suspicion.

  3. Hold on the Transaction: Reporting entities must refrain from proceeding with the transaction unless directed otherwise by the Director.

Failure to comply with these reporting requirements may result in severe consequences, including fines and imprisonment.

Resources for Reporting Entities

To assist reporting entities, FIU has provided key resources:

  1. STR and SAR Forms: These can be accessed via the FIU website or upon request to the Unit.
  2. AML&CTF Act: Section 20 and 21 contain detailed information on financial transactions reporting requirements.

Reporting entities should remain vigilant in identifying potential suspicious transactions and promptly report any related information to the FIU. In doing so, they can help maintain the integrity and stability of Vanuatu’s economy while contributing to the global efforts in the fight against financial crime and terrorism financing.

For more information on reporting requirements and other obligations under the Vanuatuan legislation, please visit the FIU website or contact the Unit directly at info@fiu.gov.vu.

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