Vanuatu Seeks Niche As FX Center For Pacific Region

REGULATIONS

The Pacific island state of Vanuatu has passed new legislation to streamline its financial regulations in a bid to attract more international banks and foreign exchange business, according to Finance Minister Willie Jimmy.

"The country has not been as competitive as other offshore centers in recent years but this new legislation will be a major factor in reaching out to a whole new set of offshore entities," says Rob Wright, head of Westpac Banking Corporation in Vanuatu. "As a major internat