Larger aircraft to be able to land at Bauerfield, thanks to additional funds from World Bank for Vanuatu Aviation Investment Project

The World Bank's Vanuatu Aviation Investment Project will enable long-haul Code E aircraft such as Boeing's 787 (above) to use Bauerfield International Airport

The World Bank’s Vanuatu Aviation Investment Project will enable larger, long-haul Code E aircraft such as Boeing’s 787 (above) to use Bauerfield International Airport. Photo: Boeing

The World Bank announced USD 14 million (Approx. Vt 1.5 billion) in additional funding to strengthen air transport and an expansion of works under the Vanuatu Aviation Investment Project yesterday. Vanuatu’s Finance Minister Gaeton Pikioune says  Read the rest of this entry »


VNPF Commision of Inquiry gets extra time to examine Vt 4.45 billion of failed investments

money down the toilet

[Story updated 4/11/2016 to correct the earlier version’s errors of fact. Vanuatu Daily Digest sincerely apologises to all readers for this regrettable error]

The Commission of Inquiry into VNPF is being extended by two months to uncover the details behind Vt 4.454 billion of failed investments made by the national provident fund. The Commission of Inquiry is investigating alleged mismanagement and illegal activities of former and present staff of VNPF. Chairman of the Commission of Inquiry Olivier Fernandez and Assesssors Anita Jowitt and Tony Naliupis are examining the failed investments, which represent 32% of the total funds invested by VNPF between 2007 and 2014. (Daily Post)

We can expect a Chinese cruise vessel next January. Deputy PM and Tourism Minister Joe Natuman made the announcement during his visit to Read the rest of this entry »


IMF, World Bank offer assistance for anti-money laundering reforms to offshore financial centre

Laundering Dollar Bills. Photo: TaxRebate.org.uk

IMF and World Bank ready to aid in reforms to have Vanuatu removed from the ‘grey’ list of countries needing to update anti-money laundering and countering financing of terrorism reporting for which deadlines have been set for June next year. Finance Minister Pikioune was accompanied by a delegation for the annual talks Read the rest of this entry »


PNG’s largest bank, Bank South Pacific, commences operations in Vanuatu

Bank South Pacific logo

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Mystery Island a model for tourism; President replaces Police Commissioner

Cruise ship visitors disembark on Inyeug, a.k.a. Mystery Island. Photo: DFAT

Cruise ship visitors disembark on Inyeug, a.k.a. Mystery Island. Photo: DFAT

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Govt strengthens Financial Intelligence Unit; Vila mayor rebuts Opposition claims

10000 vatu note

Vanuatu is not yet being blacklisted as alleged by the Vanuatu Financial Centre, yesterday, the Office of the Prime Minister states. Vanuatu is in the process of improving its compliance processes where money laundering and proceeds of corruption are concerned. This puts us on a grey list of jurisdictions being ever more closely watched by the OECD. The government is strongly emphasizing that financial stakeholders must abide by legislation and policy directions and work with government to meet international requirements. The Vanuatu Finance Centre is seen as stubborn in its refusal to comply in various ways with legal requirements. The government Financial Intelligence Unit is being increased in strength to help compliance.

Some of the detained former MPs have been transferred to the low risk communal facility. Those with Read the rest of this entry »


Vanuatu almost on OECD blacklist due to lack of financial transparency; another meth lab found

Works proceeding on George Kalsakau drive. Photo: VPMU

Works proceeding on George Kalsakau drive. Photo: VPMU

Following a warning from the OECD, through their Financial Action Task Force, or FATF, Vanuatu has to lift its game on combatting money laundering and terrorist financing. We are just one step short of official blacklisting, Read the rest of this entry »