Vanuatu MPs have managed to keep the country off an international blacklist that would have likely left it facing serious financial impacts.
The government was racing against time, with 13 key financial bills aimed at combating money laundering and the financing of terrorism, that needed to be passed by this coming Monday.
Vanuatu has been on the Task Force’s ‘Grey List’, but risked being moved on to a ‘Dark Grey’ or even a ‘Black List’ if the legislation failed to pass.
But all 13 bills were passed unanimously in just two and a half days.
Floyd Ray Mera, the director of Vanuatu’s Financial Intelligence Unit says while there’s still much more work to be done to see Vanuatu get off the ‘grey list’, it would have been much worse for the people of Vanuatu if it had been blacklisted.
SOURCE: ABC NEWS