Vanuatu Takes a Major Step Forward in Fight Against Financial Crime

Strengthening Anti-Money Laundering and Combating Terrorism Financing Efforts

In a significant move to enhance its anti-money laundering (AML) and combating the financing of terrorism (CFT) system, Vanuatu has recently enacted comprehensive legislation to tackle these issues. As a founding member of the Asia-Pacific Group on Money Laundering (APG) since 1997, Vanuatu has taken concrete steps to improve its financial integrity.

Key Developments

• Establishment of Financial Intelligence Unit: Vanuatu has established a Financial Intelligence Unit, a crucial component in identifying and preventing illicit activities.
• Close Collaboration with Reserve Bank: The Reserve Bank of Vanuatu, responsible for regulating offshore banking activities, is working closely with the new unit to ensure effective implementation of anti-money laundering measures.

Progress Update

The latest Mutual Evaluation Report on Vanuatu, adopted by the APG in July 2015, provides an update on the country’s progress in this area. The report highlights Vanuatu’s commitment to improving its financial system and addressing the risks associated with money laundering and terrorist financing.

Access to the Report

The report is available to members and observers of the APG, providing transparency and accountability in Vanuatu’s efforts to combat financial crime.

By taking these steps, Vanuatu demonstrates its dedication to ensuring a secure and stable financial system, thereby strengthening its position as a responsible member of the global financial community.