November 24, 2016
Vanuatu, a South Pacific nation accused of inaction over money laundering, is facing international sanctions as its politicians debate whether to spend government funds to fix the country’s financial services or to deal with disaster reconstruction.
Vanuatu, home to 270,000 people, has a 25-year-old offshore financial center offering banking and company-creation services that provide well-paid employment in its capital, Port Vila. For the disaster-prone nation, the financial sector is a crucial part of its economy, contributing between two and three percentage points to gross domestic product.