By James Hudson
Looking back
Over the past 12 months, our main achievement has been the legal formalisation (registration) of our association.
We have also continued to lobby for Vanuatu’s removal from the EU/EC Blacklists for “high-risk third countries” (AML-CTF related) and “non-cooperative jurisdictions for tax purposes,” where we have been listed for since 2016 and 2019 respectively.
Vanuatu’s continued presence on these EU/EC Blacklists remains a persistent drag on growth by discouraging foreign investment and restricting our access to strong, cost-effective correspondent banking relationships.
Putting aside the discussion whether we are rightfully on these lists, we continue to assert that Vanuatu is immaterial in a global context, accounting for less than 0.1% of global GDP. Furthermore, the currency flows in and out are commensurate with the size of our economy.
There is also the additional challenge that the goalposts for these EU/EC blacklists move over time, with the current focus now being on our Citizenship By Investment program.
FCA representatives on various Government Boards and other associations have continued their work as usual.
Financially
We remain in a solid position as detailed in the financial statements, showing net (cash) assets of VUV 7.3 million (2022: VUV 6.8 million).
Thank you to all that have contributed to the FCA this year, in particular the executive and representatives on various boards for your efforts.
Looking forward
We need to continue to push on with the various “works in progress” relating to the EU/EC Blacklists, the amalgamation of the local and international company Acts, business visas on arrival, and cost effective small value electronic payments through the National Payment System. We also need to increase our active membership base.
James Hudson,
Chairman of the FCA
