- Published by VFSC
- Friday, 11 March 2011 08:50
10.00am Tuesday 1 February 2011 at the VFSC Conference Room
Every year the Vanuatu Financial service commission (VFSC) paid 75% of the revenue collected to the Vanuatu government. This year 2011 on February 1st VSFSC paid 250,893,726 million Vatu through the minister of finance.
The Honourable minister of Finance Mr Moana Carcasses Kalosil received a cheque of 200 million on behave of the Vanuatu government from the Vanuatu Financial service commission Chairman Bill Bani, in a special ceremony at the VFSC premises in Port Vila.
In his speech to the Honourable Minister of Finance, VFSC chairman Bani
said: “In my view,the future of our finance center depends on a few key elements including; keeping pace with the jurisdictions in terms of legislation and the variety of product we offer.
“At the commission we try to do this but it appears that at the government level, there are needs to be greater appreciation of the competitiveness of finance centers around the world and failure to keep pace with these jurisdictions will render our finance center its competitive edge," Bani said.
Bani cited a number of examples. One being that the Companies and Trust Services Providers Act passed by parliament in 2010 but to date it has not yet been gazette although, he said, the former Minister of Finance has instructed the Attorney General to do so.
He also said the act is important because, it will require all service providers to be properly licensed and supervised by the commission.
Bani said: “ Principals must pass the 'fit and proper' test.
“ I cannot over- emphasized the need to maintain a high level of credibility and competence among the service providers; also the passage of the companies and corporate insolvency Bills is important because :
(a) It will be substantial improvement on th existing companies Act Cap 191; and
(b) The commission will get additional funding for an electronic registry as part of the package.
“The new registry will provide a competitive edge over jurisdiction in the Pacific. It will also boost income for the commission and government.
In addition, there will be additional funding for a new Trustee Bill.
Vanuatu does not have any trust legislation at present, ” Bani revealed in his speech to the Honourable Minister of Finance.
In response the Minister of Finance assured VFSC Chairman Bani that he will raise the issue of the need to have the Act passed by parliament in 2010 with the Attorney General with the view of getting it gazetted as soon as possible. The Finance Minister also assured the commission of closer working cooperation between the Ministry of Finance, the Commission, the Finance Center and the private sector of Vanuatu.
Vanuatu Financial Service Commission is the second largest government revenue earner after Custom and Inland Revenue.
Finance Minister Moana Carcasses later toured the offices of the Vanuatu Financial Services Commission.
Statement of Chairman, Mr. Bill Banitamwata, at the handing over of VG funds Ceremony
Honorable Minister of Finance & Economic Management & Delegation
Board Members of the Commission
Chairman & Executive of the Finance Center Association
Commissioner & Staffs of the Commission
Ladies and Gentlemen
It is with great pleasure and honour that I address you this morning.
Let me first of all congratulate the Minister on your appointment and wish the government all the best in the task that lay ahead of you. Secondly, it is my wish to see the Commission continue to work closely with the FCA and government to develop our center into an international financial hub of the pacific.
In my view, the future of our financial center depends on a few key elements including:
- Keeping pace with leading jurisdiction in terms of legislation and the variety of product we offer. At the commission we try to do this but it would appears that at the government level there needs to be greater appreciation of the competitiveness of finance centers around around the world and failure to keep pace with these jurisdictions will render our finance center its competitive edge. To give you are few examples:
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- Last Updated on Friday, 22 July 2011 10:16