meta_id 3143644

The Parliament of Vanuatu introduced a bill to amend the Anti-Money Laundering and Counter-Terrorism Financing Act No. 13 of 2014. The primary objective of the amendment is to relocate the Financial Intelligence Unit (FIU) from the Office of the Attorney General to the Reserve Bank of Vanuatu (RBV). The FIU serves as Vanuatu's central national agency responsible for receiving, analysing, and disseminating information concerning suspicious financial transactions. The amendment aims to enhance coordination between prudential regulations and anti-money laundering and counter-terrorism financing (AML/CTF) monitoring by consolidating oversight functions under the RBV. This restructuring is intended to eliminate fragmented supervision and operational inefficiencies. Currently, the RBV holds a dual role as both a reporting entity and regulator under the Act, creating overlapping responsibilities. The amendment removes the RBV's designation as a reporting entity, clarifying its primary function as a supervisory authority. This change eliminates the requirement for the RBV to submit Suspicious Transaction Reports (STRs) despite not engaging in customer-facing transactions, while simultaneously supervising financial institutions already obligated to submit such reports. The bill includes transitional provisions ensuring that the FIU's Director, Deputy Director, and staff continue employment on the same terms, conditions, position, and classification until their employment lawfully ceases or changes. The amendment aligns with Vanuatu's National Sustainable Development Plan by promoting good governance, institutional efficiency, and a more effective regulatory framework. The act will commence on a date appointed by the Prime Minister and published in the Gazette.