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Financial Transactions Reporting (Terrorism Amendment) Act 2002

Commencement: 3 February 2003

REPUBLIC OF VANUATU

FINANCIAL TRANSACTIONS REPORTING
(TERRORISM AMENDMENT) ACT
NO. 2 OF 2002

Arrangement of sections

1 Amendment
2 Commencement

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Assent: 31 December 2002
Commencement: 3 February 2003

REPUBLIC OF VANUATU

FINANCIAL TRANSACTIONS REPORTING
(TERRORISM AMENDMENT) ACT
NO.2 OF 2002

An Act to amend the Financial Transactions Reporting Act No. 33 of 2000.

Be it enacted by the President and Parliament as follows-

1 Amendment

The Financial Transactions Reporting Act No. 33 of 2000 is amended as set out in the Schedule.

2 Commencement

This Act commences on the date on which it is published in the Gazette.

SCHEDULE

AMENDMENTS OF THE FINANCIAL TRANSACTIONS REPORTING ACT NO. 33 OF 2000

1 Section 1

Insert in its correct alphabetical position

“terrorist organisation includes an individual or organisation prescribed by the regulations to be a terrorist organisation.”.

2 After section 5

Insert

“5A Transfer of funds for purposes of terrorism

(1) If a terrorist organisation 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.

(2) The financial institution must prepare a report of the transaction or proposed transaction and give it to the Financial Intelligence Unit as soon as possible, but not later than 24 hours after becoming aware of the transaction.

(3) If a financial institution fails without reasonable excuse to comply with subsection (2), the financial institution is guilty of an offence punishable on conviction:

(a) in the case of an individual – by a fine not exceeding VT 25 million or imprisonment for a term not exceeding 5 years, or both; or

(b) in the case of a body corporate - by a fine not exceeding VT 100 million.

(4) Subsection 5(3) applies to a report prepared under subsection (2).

(5) Subsections 5(4) and (5) apply to a financial institution that prepares a report under subsection (2).”.

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REPUBLIC OF VANUATU

BILL FOR THE
FINANCIAL TRANSACTIONS REPORTING
(TERRORISM AMENDMENT) ACT
NO. 2 OF 2002

Explanatory Note

This Bill deems a transaction carried out by a terrorist organisation to be a suspicious transaction.

It also provides for the financial institutions to prepare a report of the transactions and provide it to the Financial Intelligence Unit no later than 24 hours after becoming aware of the transaction. A failure to do so is an offence.

Subsections 5(3) of the Principal Act applies to a report prepared under subsection (2) and subsections (4) and (5) apply to a financial institution that prepares a report under subsection (2).

Minister of Finance and Economic Management