Home | Databases | WorldLII | Search | Feedback Vanuatu Consolidated Subsidiary Legislation

Financial Institutions (Anti-Terrorism) Regulations

Commencement: 2 April 2002

FINANCIAL INSTITUTIONS
(ANTI-TERRORISM) REGULATIONS

Order 9 of 2002

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

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 that is:

designated from time to time by the Committee established by paragraph 6 of Resolution 1267 (1999) of the United Nations Security Council; or

designated from time to time by or under one or more other resolutions of the United Nations Security Council; or

declared by the Reserve Bank under regulation 3.

Prohibited accounts
If:

(a) a terrorist entity has an account with a financial institution; or

(b) another entity has an account with the financial institution and the financial institution knows or reasonably suspects that other entity may be involved in or associated with the financing of terrorism or the holding or raising of funds for terrorism;

the financial institution must comply with subregulations (2) to (6).

The financial institution:

(a) must immediately freeze the account; and

(b) must not accept funds into the account; and

(c) subject to subregulation (5), must not remit funds from the account.

The financial institution must immediately give written notice of the existence of the account to the Reserve Bank and the Financial Intelligence Unit of the State Law Office.

The financial institution must within 24 hours after giving notice under subregulation (3) close the account and give written notice of the closure to the Reserve Bank together with full details of the account.

The financial institution must not remit funds from the account unless the Reserve Bank has given its prior written approval to the remittance.

The financial institution is not required to give notice of its actions under subregulation (2) or (4) to the holder of the account.

Terrorism declarations
The Reserve Bank may from time to time declare, by notice in writing, that an entity is, or is suspected of being, involved in or associated with financing terrorism or acts of terrorism.