Vanutau Vanuatu

New Documents

EU, Vanuatu Representatives Discuss AML/CTF Progress

The European Union External Action issued a press release following the EU’s 7th Enhanced Political Dialogue with the Republic of Vanuatu.   

May 4, 2022

Vanuatu Financial Intelligence Unit Highlights 2020-2021 Enforcement Actions

The Financial Intelligence Unit of Vanuatu issued a press statement concerning its use of enforcement powers under section 50A of the Anti-Money Laundering & Counter Terrorism Financing Act No. 13 of 2014, which includes the issuance of formal warnings, penalty notices, and removal directions.

November 16, 2021

APG: Vanuatu Re-Rated on 27 FATF Recommendations Due to Significant Progress

September 14, 2018

APG: Vanuatu Found Largely Compliant with Three Additional FATF Recommendations

January 30, 2018

Vanuatu Announces Upcoming National AML/CTF Risk Assessment of Offshore Sector

August 3, 2017

News

Weekly Roundup: Nigerian FIU Denounces Politicians, California Movie Producer Accused of Leading Prostitution Ring and Laundering Profits, and More

EU plans beneficial ownership rules for real estate sector, bloc’s AML agency will cost banks €34 million annually, and more, in the weekly roundup.

July 16, 2021

Enforcement Actions

0 Items Found

Key Documents

Vanuatu Government Amends Proceeds of Crime Act

May 30, 2012

Vanuatu Amends Counterterrorism, Transnational Organized Crime Act

May 30, 2012

Vanuatu Amends Counterterrorism Provisions

December 31, 2002

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 : 62/141
Score : 5.29/10

TRANSPARENCY INTERNATIONAL i

Rank : 64/180
Score : 46/100

Tax Justice Network i

Rank : 106/133
Score : 76/100