Vanuatu's Companies Urged To Comply With Financial Reporting Laws
Companies in Vanuatu have been reminded by the head of the jurisdiction's Financial
Intelligence Unit that heavy fines will be imposed on those who do not comply
with recently amended anti-money laundering legislation. “Section 19 After Part 2 and under Part 2A of the Financial Transactions
Reporting clearly states that financial institutions are to report financial
transactions to the unit,” the FIU Manager was quoted as explaining. “Financial institutions are also reminded of the heavy penalties for
non compliance with the provisions of the Act,” he went on to warn. The FTRA came into force on February 24 2006, but Section 19 does not become
effective until September 1 2006. The report additionally stated that the government will also enforce the Counter Terrorism
Act No: 29 of 2005, the Proceeds of Crime (Amendment) Act No: 30 of 2005 and the Mutual Assistance in Criminal Matters (Amendment) Act No: 31 of 2005. .
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