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.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment