Members & Observers

Vanuatu

Vanuatu is a founding member of the APG (1997).

Vanuatu is strengthening its anti-money laundering and combating the financing of terrorism system. Vanuatu has recently enacted comprehensive anti-money laundering and combating the financing of terrorism legislation. Vanuatu has established a Financial Intelligence Unit.

Vanuatu underwent its second APG Mutual Evaluation in 2006. A copy of the full report is available via the Documents section of the APG website.

Offshore Banking Regulator:  Reserve Bank of Vanuatu

APG reissues Public Statement on Vanuatu - 7 April 2015

The APG remains concerned by Vanuatu’s continued failure to fully remedy the numerous and serious deficiencies identified in its second mutual evaluation report adopted in 2006.

The most important deficiencies include:

  1. Inadequate criminalization of money laundering and terrorist financing;
  2. Inadequate measures to implement United Nations resolutions for targeted financial sanctions against terrorists;
  3. Inadequate customer due diligence (CDD); and,
  4. Inadequate supervisory frameworks for financial institutions and designated non-financial businesses and professions.

The APG welcomes the recent actions taken by Vanuatu intended to address the deficiencies regarding customer due diligence, the criminalization of money laundering and terrorist financing, and the implementation of United Nations resolutions for targeted financial sanctions against terrorists.

Despite these actions, some serious deficiencies have not been adequately addressed, in particular in relation to the criminalization of money laundering and terrorist financing.

The APG calls on Vanuatu to address the remaining deficiencies in an expeditious manner.

This Public Statement having first been issued by the APG in October 2014, will remain in place until the deficiencies are adequately addressed.

Background

In June 2014, Vanuatu enacted and brought into effect the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act and the AML/CTF regulations. The AML/CFT Act and regulations addressed some but not all of the deficiencies relating to CDD.

In January 2015, Vanuatu brought into force amendments to the Proceeds of Crime Act and the Counter Terrorism and Transnational and Organized Crime (CTTOC) Act. These amendments did not however adequately address the deficiencies relating to the criminalization of money laundering and terrorist financing.

 

Documents