A Memorandum Of Agreement (MOA) for Cooperation in the Exchange of Information was signed on 5 June 2020 by the Chief Executive Officer (CEO) of the Utilities Regulatory Authority (URA) Mr. John Obed Alilee and the Commissioner of the Vanuatu Financial Services Commission (VFSC) Mr. Branan Karae. The Agreement paved the way for the two institutions to strengthen their working relationship towards the implementation of their common goals and roles within the economy.
The MOA principally allows the two organisations in the spirit of cooperation and mutual interest, to exchange information to facilitate the detection, investigation and prosecution of a money laundering office, a finance terrorism offence or and other serious office stipulated under the laws administered by VFSC and URA.
Mr Karae expressed great gratitude towards Mr Alilee, the URA and VFSC staff for facilitating the processes towards a final signing of an important Agreement and stated that the VFSC and the URA share a number of common areas of interests and VFSC is committed to the implementation of the MOA. Mr Alilee in his response congratulated the two entities on this special occasion and stated that the maintaining of the close collaboration between the regulatory bodies in Vanuatu is very important to the enforcement of industry best practices and compliance.
The signing ceremony took place at the VFSC Conference Room, witnessed by senior staff of URA and VFSC.