[New post] Non-compliant offshore financial centre puts other Vanuatu businesses at risk – but costs of compliance are high

WordPress.com dailyvanuatu posted: " Vanuatu, accused of inaction over money laundering, is facing international sanctions as its politicians debate whether to spend government funds to fix the country's financial services or to deal with disaster reconstruction. Vanuatu, home to 270,000 " Respond to this post by replying above this line New post on Vanuatu Daily Digest Non-compliant offshore financial centre puts other Vanuatu businesses at risk – but costs of compliance are high by dailyvanuatu Between Vt1.8B—Vt4.5B in proceeds of foreign crimes are laundered through Vanuatu's offshore financial system every year, it is estimated. The non-implementation of checks against money laundering by Vanuatu's offshore financial centre may prevent other Vanuatu small businesses from accessing foreign currency transactions – but Vanuatu lacks the resources to put the checks in place. Vanuatu, accused of inaction over money laundering, is facing international sanctions as its politicians debate whether to spend government funds to fix the country's financial services or to deal with disaster reconstruction. Vanuatu, home to 270,000 people, has a 25-year-old offshore financial centre offering banking and company-creation services that provide well-paid employment in its capital, Port Vila. For the disaster-prone nation, the financial sector is a crucial part of its economy, contributing between two and three percentage points to gross domestic product. In September the Financial Action Task Force, an inter-governmental group that combats money laundering and terrorist financing, warned of "strategic deficiencies in Vanuatu's anti-money laundering and combating the financing of terrorism system." The group called for an action plan including Read more of this post dailyvanuatu | November 28, 2016 at 2:24 pm | Categories: The Daily Digest | URL: http://wp.me/p2A4RK-1sB Comment    See all comments Unsubscribe to no longer receive posts from Vanuatu Daily Digest. Change your email settings at Manage Subscriptions. Trouble clicking? Copy and paste this URL into your browser: http://ift.tt/2fUDmpq Thanks for flying with WordPress.com

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