Vanuatu

New Documents

The Asia/Pacific Group on Money Laundering published a third follow-up report to the July 2015 mutual evaluation report on Vanuatu’s anti-money laundering and counterterrorist financing regime, highlighting the countries significant progress to address technical compliance deficiencies.

The Asia/Pacific Group on Money Laundering published a second follow-up report examining the progress made by Vanuatu to address deficiencies in the country’s anti-money laundering and counterterrorist financing regime.

News

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Enforcement Actions

0 Items Found


Important Facts

  • The U.S. Department of State categorizes Vanuatu as a jurisdiction of concern. Vanuatu is known for strict secrecy provisions that have prevented law enforcement agencies and regulators from obtaining the beneficial owner information of entities registered in the offshore sector, except under a court order. As a result, legal entities (companies) and arrangements formed in Vanuatu face criminal misuse and are vulnerable to money laundering. Vanuatu’s money laundering threats are primarily from foreign predicate offenses (including foreign tax crimes), illicit cross-border currency movements, domestic bribery and corruption, fraud (particularly value added tax evasion) and drug offenses. High-risk sectors include remittances and currency exchange businesses, trust and company service providers, casinos and interactive gaming businesses. Lawyers, accountants, real estate and high-value asset dealers also present considerable money laundering risks. Political instability, with frequent government leadership changes, has an impact on high level political commitment to establish and maintain an efficient and effective compliance system.
  • KYC Covered Entities: Banks, casinos, lawyers, notaries, accountants, trust and company service providers, car dealers, real estate agencies, and insurance and securities companies
  • STR Covered Entities: Banks, casinos, lawyers, notaries, accountants, trust and company service providers, car dealers, real estate agencies, and cash dealers
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 0; Convictions: 0
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 18 High : 0
Largely Compliant : 21 Substantial : 0
Partially Compliant : 1 Moderate : 0
Non-Compliant : 0 Low : 11

No longer a"graylisted" country as of June 29, 2018. Vanuatu's technical compliance was re-rated in a Sept. 5, 2018 follow-up report

BASEL i

Rank : 40/125
Score : 5.9/10

TRANSPARENCY INTERNATIONAL i

Rank : 64/180
Score : 46/100

Tax Justice Network i

Rank : 106/133
Score : 76/100