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Newsletter | Articles Vanuatu Goes from Strength to Strength Although never listed by the FATF as a non-cooperative jurisdiction many considered Vanuatu to be one of the less sound places to conduct business in recent years. Now, according to the latest IMF report, they have gone a long way towards becoming a respected jurisdiction. The IMF, not renowned for lavishing praise on previously non-compliant jurisdictions says, “The supervision of the offshore financial centre has seen a dramatic improvement since the last assessment in 2002, a result of the authorities’ desire to improve Vanuatu’s reputation as a financial centre.” The IMF came down particularly hard on Vanuatu in 2002, pointing out that Vanuatu’s supervision of offshore banks and the insurance sector fell well below international standards and the legal and regulatory framework for improving standards was not in place. Also, further measures were needed to combat money laundering and terrorist financing. The IMF was impressed by the results four years later. The new regulatory framework had included the elimination of licences for shell banks. As a result, the number of offshore banks fell from over 100 in the late 90s to just 7 at the end of last year. Vanuatu’s reputation as an offshore centre has improved significantly. It’s going to be important for the jurisdiction to continue the rigorous enforcement of its new regulations and to establish its niche in the world of offshore banking, insurance and company formation. It’s good to see a small jurisdiction tackle its problems effectively and lay the foundations for prosperity instead of the capitulation we have witnessed elsewhere. ILS has recent experience in establishing Vanuatu companies. Contact Stephen Colderwood for details and prices.