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Financial Transactions Reporting (Anti-Terrorism) Regulations

Commencement: 2 April 2002

FINANCIAL TRANSACTIONS REPORTING
(ANTI-TERRORISM) REGULATIONS

Order 10 of 2002

To give effect to Resolution 1267 (1999), 1269 (1999), 1333 (2000) and 1390 (2002) of the United Nations Security Council.

1. Interpretation

In these regulations:

“entity” means an individual, a group of individuals, a body corporate, an unincorporated association or organization, or any other body;

“terrorist entity” means the Taliban, Al-Qaida or any other entity designated from time to time:

(a) by the Committee established by paragraph 6 of Resolution 1267 (1999) of the United Nations Security Council; or

(b) by or under one or more other resolutions of the United Nations Security Council.

2. Deemed suspicious transactions

If a terrorist entity conducts or seeks to conduct a transaction through a financial institution (whether or not the transaction or proposed transaction involves cash), such transaction or proposed transaction is deemed to be a suspicious transaction.

If:

an entity conducts or seeks to conduct a transaction through a financial institution (whether or not the transaction or proposed transaction involves cash); and

the financial institution reasonably suspects the transaction or proposed transaction involves funds that are being, are likely to be or have been used:

by a terrorist entity; or

for terrorism; or

for acts of terrorism;

such transaction or proposed transaction is deemed to be a suspicious transaction.

3. Prescribed financial institutions

For the purposes of section 2(q) of the Act, an entity that by non-formal means transfers, remits, exchanges or otherwise deals with money or money’s worth or value for the purposes of remittance, transfer or payment to places outside of Vanuatu is a prescribed financial institution.

Table of Amendments

3 Section reference renumbered, per Act 28 of 2005