What is Vanuatu Financial Services Commission (VFSC)? Vanuatu Financial Services Commission (VFSC) Review, Features

The Vanuatu Financial Services Commission (VFSC) was officially established in December 1993 following the enactment of the Vanuatu Financial Services Commission Act No. 35 by the Vanuatu Parliament.

About the Vanuatu Financial Services Commission (VFSC)

• The Vanuatu Financial Services Commission (VFSC) has been the Registrar of Companies and the Official Insolvency Department of the Ministry of Finance under the British Government since 1971 and after independence in July 1980 became the Ministry of Finance and Economic Management.
• The main function of the VFSC is to operate an effective and efficient Registry.In addition, it is tasked with regulating and supervising the non-depository financial services industry in Vanuatu, a function that will include promoting the industry overseas and protecting its reputation from unsavory businessmen.

Regulatory functions

• VFSC is responsible for supervising financial service providers such as investment business and credit business.
• VFSC also provides the following services: company registration, charity management, credit union management, trade union management, personal property securities management.
• VFSC is committed to promoting the development of Vanuatu's financial services industry, promoting the infrastructure of the financial center, and unwaveringly maintaining the reputation and unity of the VFSC Financial Center.

Vanuatu Financial Services Commission (VFSC) Regulatory Objectives and Scope

Maintain VFSC’s position as a global financial center with high regulatory standards through the following measures:

1. To reduce the risk of financial losses to investors due to fraud, illegality, dishonesty, imperfect systems, etc. of financial service providers;
2. Maintain and enhance Vanuatu's reputation in the financial and business sectors;
3. Protect Vanuatu’s best economic interests;
4. Fight financial crime in Vanuatu and beyond.

To further support the goals of the VSFC, adhere to the following specific measures:

1. Ensure that regulated institutions comply with each provision;
2. Ensure that regulated institutions operate within acceptable standards of good regulation;
3. Comply with international standards: protect investment companies, trust companies, combat money laundering and prevent terrorist financing activities;
4. Strictly crack down on those who abuse and violate regulatory provisions;
5. Ensure the efficient operation of VFSC and be accountable to the Ministry of Finance and the Ministry of Economy.