New FIU Director Appointed
November 27, 2024 9:51 pm | Posted in Business News | Share now TwitterFacebook
By Anita Roberts.
The Attorney General (AG), Arnold Kiel Loughman, yesterday announced the appointment of Teddy Garaelulumele as the new Director for the Vanuatu Financial Intelligence Unit (VFIU).
VFIU has been led by Acting Director Josiah Kuatpen for over a year, following the suspension and subsequent termination of former Director Floyd Mera.
AG Loughman signed the new director’s contract with him at the Office of the Attorney General (OAG) yesterday. Loughman explained that while his office facilitated the appointment, the recruitment process of Mr. Garaelulumele was conducted independently and based on merit.
The AG said this position is crucial for ongoing efforts in addressing money laundering and other related matters. He said that in 2017, the country passed over 20 laws to meet requirements for Financial Action Task Force (FATF), an international body that sets standards for anti-money laundering and counter-terrorism financing. The work continues and VFIU has been at the forefront of these efforts, he said.
Loughman told the new director that recently the VFIU has been in the news due to court cases related to its work. He explained that while these cases might have immediate impact, they are helpful in the long-run because the powers of VFIU have never been the subject of court challenges.
He gave examples such as the Vanuatu National Provident Fund (VNPF) and Carpenter Motors cases, which went to court to clarify the extent of the Director’s powers and set precedents. He then advised the new director that these are the challenges he will face in the role and urged him to pay close attention to the interpretation of these powers, particularly in relation to the director’s authority, and to work closely with the OAG.
The AG thanked the former Director Mera and the Acting Director Kuatpen for their leadership over the past years.
Director Garaelulumele thanked the AG for his trust in appointing him. He said he believes he has the VFIU team behind him to achieve the goals ahead, working closely with the OAG. He also acknowledged challenges such as limited human resources, which they will work to address.
The VFIU staff thanked Mr. Kuatpen for his leadership despite the challenges faced during his term and welcomed the new director to the office yesterday, following his appointment. They assured that they would work closely with the new director.
The VFIU Director holds a Bachelor of Business (Accounting) from Fulton University in Fiji and has 16 years of experience as a forensic accountant, specialising in risk and compliance.
He has served as a Senior Compliance Officer at the VFIU since 2017. In this role, he was responsible for regulating Anti-Money Laundering & Counter-Terrorism Financing (AML/CTF) compliance across various sectors, including real estate, commercial banks, vehicle dealerships, and casinos. Additionally, he oversees the compliance of the “Fit and Proper” criteria for all reporting entities.
He was the Finance and Operations Manager for the GIZ Project in 2016 and served as the Internal Audit and Control Officer at Raynold’s Complex from 2012 to 2015. Prior to that, he worked as the Internal Audit and Control Officer for Bred Bank from 2009 to 2011. Additionally, in 2007 to 2008, he held the position of AML & CTF Risk and Compliance Officer at ANZ Bank.
