The VFSC stands for the Vanuatu Financial Services Commission and was founded by the Vanuatu Parliament in 1993 under Act No. 35. Before the enactment of the aforementioned Act which led to the creation of this supervisory authority, the organization was in charge of regulating investment companies, firms, service providers, and financial businesses since 1971 under the British Administration and later on in 1980 under the Ministry of Finance and Economic Management. The VFSC sees to it that human resource management systems, financial practices, reports, legislation, and so on are all above board so the commission can prosper in the future and continue its good and meaningful work. The VFSC is to register, oversee, and protect the non-deposit financial services industry in all of Vanuatu as well as overseas. To that end, VFSC administers legislation on a wide variety of areas by passing laws including the Anti-Money Laundering and Counter-Terrorism Financing Act No. 13 of 2014, Business Names Act (CAP 211), and Amendments, Companies (Insolvency and Receivership) Act No. 3 of 2013, and Companies Act No. 25 of 2012, just to name a few. It is worth noting that the objectives of this organization include the prosperity of the financial services sector in Vanuatu, recognition of Vanuatu’s financial center by building a solid reputation on an international level, creating an encouraging legislative framework to attract more members, and cooperating with the Commission and the finance center. The abovementioned goals can be achieved when VFSC works as a team, provides excellent customer service, employs responsible staff, improves the level of industry compliance, and so on.
The VFSC is to put professionalism above all when it comes to business ethics and meeting the requirements for a regulatory authority of its magnitude; principles which include impartiality, responsiveness, and accountability where its registered members are concerned. Additionally, VFSC is highly responsible for providing excellent supervisory services for the financial businesses, including forex brokerage companies, both in and outside Vanuatu to safeguard the public against malpractice or stepping outside the perimeters of the laws so the integrity of Vanuatu as an important center would remain untarnished. Other responsibilities of VFSC include administering the collection of fees, operating in an international capacity, and lending a hand to the government with regards to reports and other helpful activities.