News By Zebvo NewsWire: The Republic of Vanuatu, situated near the south pacific ocean, suffers a lot due to the ongoing pandemic and natural calamities that left disruptive economic conditions and the contracting growth rate.
By recognizing the significance of the citizenship investment programme for the economic growth of the island-based nation, the International Monetary Fund (IMF) has encouraged the Programme, highlighted that the revenue generated by it would be equivalent to 50 per cent.
So, the government has decided to review and re-structure the citizenship by investment (CBI) programme to robust the numerous offerings to people who seek citizenship in the country. Meanwhile, the step will also ensure the nation’s economic growth and provide safety to the international communities.
By acknowledging the importance of due diligence, the citizenship commission decided to adopt a more streamlined citizenship process, which aided the government in determining the loopholes and the risk to the country’s Citizenship programme.
The citizenship commission seeks to adopt a more streamlined citizenship process and further acknowledge the importance of due diligence, which assisted the government in clinching the loopholes and the risk to the country’s Citizenship programme.
After the European Commission has reprimanded Vanuatu’s citizenship by Investment Programme on January 12, 2022, the government has decided to suspend its visa-free travel agreement because of its inter-governmental due diligence of applications.
While accentuating the significance of the Programme and its major factors, the press release issued by the government cited, “With making the people of Vanuatu economically efficient, the step will also ensure the security and protection of the international community. The Programme is also considered important for stabilizing the economy and developing the nation”.
The government has finalized the contract with the well-renowned international due diligence service provider, named UK agency, Fact UK. With the safe and secure CBI programme, Keron Sharp, the CRO of the Fact UK, highlighted that they have a very efficient staff with vast international expertise. The team has been trained by the FBI Academy and also served as the Head of Economic Crime at Interpool.
“With all happiness and thrillers, we welcome the advancement of the citizenship via investment programme, and thorough due diligence, a thorough vetting will be taken place. Further, the Fact UK will conduct the entire process through a long-winded selection process, including sanctions lists, open-source checks, and on-the-ground assessments. The IP protection, intelligence, computer forensics, forensic investigation and security verification will be the measures by which the process took place.
Furthermore, the government has specified the conditions of obtaining citizenship; it noted that there would be a further enhancement in the due diligence process so that people with a reputation can get citizenship. Thus, the applicants have to fulfil all the requirements, and the vetting process will carefully check audits to mitigate any security, financial crime, reputation risk. No application will be spared from the rigorous checking to endure the protection of Vanuatu.
With the process of due diligence, the government will retroactively conduct vetting of all who have been granted citizenship in the last six years in a bid to approve only satisfying applications. However, if anyone will not fulfil the requirements, their citizenship will be revoked.
A thorough review will be conducted to re-structure the protocols of the Programme with the multi-layered approach, including authorized agents, CBI units, an independent due diligence firm, law enforcement agencies, and partner governments. These all measures brings the Programme to the level where it can meet the international standards. In addition to that, to advise and assist the country, a CS Global Partners known as Marketing service provider have been appointed.
The government also stated that they do not compromise with the safety and security of the people of Vanuatu for those who are looking for citizenship in the country. Moreover, the government is making efforts to strengthen the relation internationally.
The country is working with its international partners to compete globally. The Council of Europe vi Global Action on Cybercrime Extended (GLACY+) project technically helped the government in 2018, after which Vanuatu’s Parliaments passed its first Cybercrime Act, aim to re
To ensure that it could compete in the global market, the country is intervening in the country’s national legislation with international standards in the field.
Since 2011, the country has participated in over fifteen regional, international and national capacity-building programmes.
Vanuatu has participated in over fifteen regional, international and national capacity-building programmes since 2011.