Hundreds of international business accounts will be closed down by the Westpac Bank in Vanuatu this weekend.
The closures are the result of significant international pressure from bodies like the OECD and have already resulted in ANZ Vanuatu closing its international business accounts some time ago.
The Vanuatu Independent reports business leaders in Port Vila described the closures as a dark day for international business in the country as it will see many companies lost.
According to the paper, it will also see the termination of government revenue from these companies and the deposits now with the local banks will be transferred to other countries.
Westpac in Vanuatu has declined to comment on the matter.
