Financial Crime World

Here is the rewritten article in Markdown format:

Vanuatu Grapples with Financial Crime and Terrorism Funding Concerns

As Vanuatu struggles to combat financial crime and terrorism funding, authorities are taking steps to strengthen its Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations.

New Law: A Comprehensive Framework for Preventing Financial Crime and Terrorism Financing

The new law sets out a comprehensive framework for preventing financial crime and terrorism financing by requiring reporting entities to implement specific measures. These measures include:

  • Registering with the Vanuatu Financial Intelligence Unit (VFIU)
  • Appointing an AML&CTF Compliance Officer
  • Establishing and maintaining procedures manuals, risk-based systems and controls, customer due diligence records, and submitting transaction reports to the VFIU

In addition to the AML&CTF Act, Vanuatu has a range of related legislation aimed at combating financial crime and terrorism financing. These laws include:

  • Proceeds of Crime [Cap 284]
  • Mutual Assistance in Criminal Matters [CAP 285]
  • Counter Terrorism and Transnational Organised Crime Act [CAP 313]
  • Currency Declaration Act No. 7 of 2009
  • Penal Code [Cap 135]
  • Customs Act No. 7 of 2013
  • UN Convention against Corruption (Ratification) Act (No. 15 of 2010)

Challenges and Call to Action

Despite these efforts, Vanuatu still faces challenges in addressing financial crime and terrorism funding. The country’s remote location and lack of resources make it vulnerable to illicit activities, including money laundering and terrorist financing.

As the government continues to strengthen its AML&CTF regulations, international partners are urging Vanuatu to do more to prevent financial crime and terrorism financing. The country must continue to work closely with regional and global authorities to combat these threats and protect its economic stability.