Financial Markets Association of Vanuatu

Last week some of our members were treated with a technical brief on AML/CTF/CPF* compliance by Mr. Razim Buksh of the Asian Development Bank (ADB). Many of us are “reporting entities” to the National Coordinating Committee (NCC) and thus need to stay ahead of the curve to protect our financial system against abuse, as we prepare for Vanuatu’s next assessment by the APG/Financial Action Task Force (FATF). Among other topics, Mr. Buksh covered the following: - Key gaps in AML/CTF/CPF in particular risk based preventative measures;  - Role of reporting entities in the APG assessment process; - Preliminary remedial measures and tentative timelines. For those who got lost in the acronyms, *AML/CTF/CPF= anti-money laundering, countering the financing of terrorism, and countering proliferation financing. #aml #compliance #fatf

🇻🇺𝐕𝐚𝐧𝐮𝐚𝐭𝐮 𝐩𝐫𝐞𝐩𝐚𝐫𝐞𝐬 𝐟𝐨𝐫 𝐢𝐭𝐬 𝟐𝟎𝟐𝟔 𝐀𝐧𝐭𝐢-𝐌𝐨𝐧𝐞𝐲 𝐋𝐚𝐮𝐧𝐝𝐞𝐫𝐢𝐧𝐠 𝐚𝐬𝐬𝐞𝐬𝐬𝐦𝐞𝐧𝐭 FULL STORY➡️🔗https://lnkd.in/eEtK7yj9 Our association is working with the National AML/CFT Coordinating Committee to make sure Vanuatu complies with global standards and remains an attractive jurisdiction for fintech businesses. #amlcft #compliance #fatf #vanuatu

🔥#Vanuatu named among Lonely Planet’s Top 10 places to visit🚀

Another FMA member makes industry news📰🚀

👀MUST READ: 𝑻𝒉𝒆 𝑰𝒎𝒑𝒂𝒄𝒕 𝒐𝒇 𝑰𝒏𝒕𝒆𝒓𝒏𝒂𝒕𝒊𝒐𝒏𝒂𝒍 𝑭𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝑪𝒆𝒏𝒕𝒆𝒓𝒔 This essay from Cato Institute sets the record straight on International Finance Centres (IFCs) which are often wrongfully portrayed as havens for tax evaders and other criminals😏 CLICK HERE➡️🔗https://lnkd.in/eGRgzY4a The author notes that many small countries like #Vanuatu🇻🇺 became IFCs “because it enables their people to live happier and more productive lives at a higher standard of living than anything else that could be done in small places with tiny domestic markets, high transportation costs, and little or no natural resources.” He quotes R. W. H. du Boulay, the British Resident Commissioner of what was then known as the New Hebrides from 1973 to 1975, writing that the islands “would have been left destitute from disasters, had it not been for the building boom which followed the influx of professional people.” (pictured: Vaduz castle, the residence of the Prince of Liechstenstein, the first IFC formed in the 1920s)

⚠️“Even in there’s no terrorist activity in your piece of paradise, you have to start documenting your compliance efforts to show that you won’t let bad actors weaponize your financial system.” Last week, our members participated in an outreach session conducted by Mr. Collins and Mrs. Kelly of the U.K. Technical Assistance Unit, focusing on combating the financing of terrorism, in preparation for Vanuatu’s next assessment by the APG/Financial Action Task Force (FATF)👮🏻♂️🌏 Representatives of the private sector were educated on identifying suspicious activities, which can be very different from classic money laundering. It was highlighted that even seemingly innocuous behaviours can indicate malicious intent upon closer scrutiny. Our advisors stressed the importance of a “dynamic” approach by which we proactively investigate entities and transactions and report any suspicion to the Financial Investigation Unit. The last thing we want is to get unintentionally involved in a terrorist plot and tarnish the reputation of Vanuatu’s financial system in the process.👀 #CTF #financialregulation #compliance

👀Caribbean economist and friend of Vanuatu Marla Dukharan delivered this heartfelt speech in support of the UN Tax Convention – a unique opportunity for developing nations to fight back in what she calls the “economic warfare waged on us through double standards, false narratives, propaganda, and completely indefensible blacklists.” For context, OECD countries cause 78% of global tax loss every year according to the Tax Justice Network but when it comes to pretending to remedy the issue, they blame the smallest and most defenseless nations of the Caribbean and the Pacific. There are indeed islands among the biggest tax havens but very few are lined with palm trees🏝️ 🎬START AT 41:53 https://lnkd.in/e-XDYPPe #Vanuatu #TaxJustice #UNtaxconvention

🚨Vanuatu broker and FMA member Deriv was featured in the excellent industry publication TradeInformer by David Kimberley🔥 Demiar Dominic Dabu shares his experience setting up Deriv’s office in Port Vila, training local talent to build his team, and enjoying island life🏝️ ➡️CLICK TO READ🔗https://lnkd.in/e2vMfDkm #vanuatu #deriv

“𝑮𝒐𝒐𝒅 𝒃𝒖𝒔𝒊𝒏𝒆𝒔𝒔 𝒊𝒔 𝒔𝒖𝒔𝒕𝒂𝒊𝒏𝒂𝒃𝒍𝒆 𝒃𝒖𝒔𝒊𝒏𝒆𝒔𝒔”💯 Joshua Tari reflects on the transformative journey over his six years at the Vanuatu Financial Services Commission. His mission? “Improving the quality of companies and the reputation of Vanuatu as a regulatory jurisdiction.” ➡️Read his excellent interview by David Kimberley of TradeInformer: CLICK HERE🔗https://lnkd.in/ep9K7ebB #Regulation #Finance #Vanuatu #Leadership

Don’t miss this great report on #Vanuatu🇻🇺 by David Kimberley who honoured us with a visit last month🤩 Featuring The Hon. Minister John Dahmasing Salong, Joshua Tari (Vanuatu Financial Services Commission), Demiar Dominic Dabu (Deriv) and Martin St-Hilaire (Titan FX) among others! ✈️AVIATION UPDATE: Qantas just announced 3 more weekly flights from Brisbane as well as 4 weekly flights from Sydney starting December 12 (operated by its subsidiary Jetstar) If you’re in the CFD trading industry and haven’t visited yet, what are you waiting for? #vanuatu #trading https://lnkd.in/eFia32cy