Chargeback Forum - View Single Post

sterna · 06-03-2007

Quote:

No ML/FT (Money Laundering/Financial Transaction) prosecutions have taken place in Vanuatu, making it difficult to assess the effectiveness of the legislation. It was also apparent from the interviews conducted with some of the law enforcement agencies, that there was little understanding of the
relevant provisions or their application in practice.

Vanuatu has, however, no records or statistics of any proceeds having been seized or confiscated (under the Proceeds of Crime Act [POCA]). There was a general lack of awareness and understanding of the proceeds legislation, particularly by the law enforcement agency responsible for administering the POCA. It was also evident that there was no coordination between the law enforcement agencies, whereby certain cases or investigations could have been identified as being appropriate for proceeds of crime applications to be made.

While the relevant legislation under which the VFIU (Vanuatu Financial Intelligence Unit) operates has been updated to reflect international standards, the level of implementation is ineffective due to poor resources and no implementation planning to promote the new legislation or provide guidance.

Quote:
The Vanuatu Police Department has established a Transnational Crime Unit (TCU), which currently consists of four officers. The TCU is responsible for conducting investigations involving money laundering and terrorist financing offences, the identification and seizure of criminal proceeds, and conducting investigations in cooperation with foreign jurisdictions. There is no evidence that special investigative techniques such as controlled deliveries or
undercover operations have ever been used in Vanuatu and awareness of the techniques and legislative provisions was lacking amongst police and prosecutors.

Quote:
Vanuatu does not yet have a system to track cross border currency movement or to implement cross border currency legislation and therefore does not keep any statistics regarding those matters . . . Currency seizures occurring at the border are, according to Vanuatu law, to be reported to the VFIU. The system to be used by the VFIU to capture that information has not yet been established.

Quote:
The VFSC regulates and supervises insurance providers, credit unions, charities and trust and company service providers but is not empowered yet to issue comprehensive guidelines or to regulate the financial sectors it has responsibility for.

Quote:
Accountants operating in Vanuatu are required to have professional accounting qualifications recognised in any other Commonwealth jurisdictions before they can operate in Vanuatu. However, there is no mechanism in place to check the veracity of these qualifications, nor is there any requirement to prove maintenance of membership of any professional accounting body.

Quote:
The three essential ingredients of the Federal Gold digital currency system are: rigid compliance to an effective Anti-Money Laundering (AML) Program & Policy, assurance of adequate and defined levels of liquidity and perpetual solvency, and a willingness and preparedness to submit to government regulatory supervision and audit.

Yep, maybe you need to understand the real reason to do business in Vanuatu