With a focus on global financial compliance, the newly appointed director pledges to strengthen Vanuatu’s financial standing.
Mr. Teddy Garae has been officially appointed as the new Director of the Vanuatu Financial Intelligence Unit (FIU) last week by Attorney General Kiel Loughman. This appointment fills a leadership vacancy that had been held by an Acting Director since November last year.
Speaking at the ceremony, Attorney General Loughman emphasized that the recruitment process was conducted independently and based on merit. “While my office is responsible for the appointment, we were not part of the recruitment process. It was done independently and fairly,” he said.
Director Garae outlined his priorities, highlighting the importance of preparing for the upcoming mutual evaluation process, which will assess Vanuatu’s position within the global financial community. “This is a critical time for the country to work together, especially government agencies, to demonstrate that Vanuatu has both the legal frameworks and the capability to implement them effectively,” Garae stated.
The last mutual evaluation in 2015 placed Vanuatu on the Global Financial Action Task Force Grey List. Although legislative changes have since removed Vanuatu from the list, the challenge now lies in proving the country’s ability to enforce these laws.
Mr. Garae’s appointment also comes at a time when the FIU faces scrutiny due to ongoing court cases and the termination of its former director. Attorney General Loughman acknowledged the challenges but expressed optimism about the institution’s future, stating that while immediate impacts may arise from legal proceedings, the FIU’s authority remains intact.
With a background in Accounting and Management and nearly a decade of experience in financial oversight, Mr. Garae previously served as Senior Supervisor of the AML&CTF Act across various sectors, including banking, international finance, and gaming. His expertise positions him to lead the FIU in reinforcing Vanuatu’s compliance with global financial standards.
