Vanuatu Financial Services Commission (VFSC) is the financial regulatory authority of

Vanuatu Vanuatu ( or ; ), officially the Republic of Vanuatu (french: link=no, République de Vanuatu; bi, Ripablik blong Vanuatu), is an island country located in the South Pacific Ocean. The archipelago, which is of volcanic origin, is east of no ...

. It was created by the Vanuatu Financial Services Commission Act No. 35 of 1993 when it assumed a part of the responsibilities of the Ministry of Finance and Economic Management. The VFSC regulates non-banking financial services in the country.

History

The Vanuatu Financial Services Commission was established in 1993 as a successor to the Ministry of Finance and Economic Management, established following the country had achieved its independence from the United Kingdom and France in 1980. After Vanuatu had been greylisted by the

Financial Action Task Force The Financial Action Task Force (on Money Laundering) (FATF), also known by its French name, ''Groupe d'action financière'' (GAFI), is an intergovernmental organisation founded in 1989 on the initiative of the G7 to develop policies to combat m ...

(FATF) in February 2016, the VFSC, along with the Financial Investigation Unit and the

Reserve Bank of Vanuatu The Reserve Bank of Vanuatu is the central bank of Vanuatu (an island country located in the South Pacific Ocean). It was initially known as the Central Bank of Vanuatu after the nation's independence from France and the United Kingdom. The ban ...

, worked to implement the FATF's action plan, leading to the delisting of Vanuatu in June 2018. In March 2019, the Vanuatu Financial Services Commission tightened regulations, forbidding its license holders to deal in cryptocurrencies. However, in July 2021, the regulator introduced a separate license for dealing in cryptocurrency assets.

Powers

The main role of the VFSC is to administer the registry of companies. It also has the powers to regulate, monitor, and supervise the non-banking financial sector of Vanuatu, protecting the public from loss and fraud, promoting Vanuatu as an international jurisdiction, and enforcing compliance. The Commission assists and advises the

government A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is ...

on policies and regulation.

References

External links

*{{Official website, https://www.vfsc.vu/

Financial Services Commission Government agencies established in 1993 1993 establishments in Vanuatu