Vanuatu’s former Finance Minister has warned that new legislation demanding more disclosure of money and assets from foreign visitors will further damage the country’s reputation for offshore banking services.
Willie Jimmy’s comment comes after parliament this month passed the Currency Declaration Bill, which would see visitors having to declare upon entry or exit if they are carrying more than a million vatu, or around ten thousand US dollars, in not only cash but negotiable assets as well.
This includes jewellery, credit cards and credit on mobile phones.
Mr Jimmy says the law could be a further turn-off for clients of Vanuatu’s offshore banking services which are still recovering from Australian federal police raids on their premises last year.
“I think that will also have some impact on the visitors coming in and those who are using finance centres and credit cards and travellers cheques and those things that you used to have to come in... but you have to report them if you have over ten thousand dollars US or a million vatu. I think those things will impact on the interests of people who visit Vanuatu.”
Vanuatu’s former Finance Minister Willie Jimmy
News Content © Radio New Zealand InternationalPO Box 123, Wellington, New Zealand
