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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 Issues Public Statement on Vanuatu
The APG is concerned by Vanuatu’s continued failure to 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; and,
(4) Inadequate supervisory frameworks for financial institutions and designated nonfinancial businesses and professions.
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.
However, Vanuatu has not yet enacted amendments to the Proceeds of Crime (POC) Act and the Counter Terrorism and Transnational and Organized Crime (CTTOC) Act.
The APG calls upon Vanuatu to promptly address these AML/CFT deficiencies, including through the adoption of the necessary legislation. The APG will continue to monitor Vanuatu's progress.
This public statement will remain in place until the amendments to the POC Act and the CTTOC Act are enacted and have come into full force and effect.