181:, attempted to remove Bayer from the RBV board, claiming that he was an agent of European Bank and was thus disqualified from serving under the Reserve Bank of Vanuatu Act Section 8(10)(b). Bayer described the dismissal as illegal and Salawai's claim as misleading and defamatory as he had not been a board member of European Bank for more than a decade, and suggested that the move was tied to party politics. The following month, after the collapse of the
37:, he pursued a career in the finance sector. He lived in Australia and Singapore before moving to Vanuatu (then the New Hebrides) in 1974, where he became a citizen after independence and has continued to reside there. He was previously executive chairman of European Bank and managing director of the Pacific International Trust Company, he is now a member of the board of directors of the
141:
in the following months. This successfully persuaded some banks to resume transactions with
Vanuatu, but other correspondent banks in the U.S. continued to apply sanctions. In May 2002, the U.S. indicted Bayer and two colleagues on charges including laundering the proceeds of another business through
88:
Bayer became the executive chairman of
European Bank in 1986. The bank began expanding its business in the mid-1990s. European Bank faced investigations by foreign regulatory authorities in July 1999 when one of its account-holders deposited US$ 7.5 million in funds, which U.S. officials believed to
75:
His relocation came just as the groundwork was being laid for the islands' independence from the United
Kingdom and France; when Vanuatu became independent in 1980 and asked prominent members of society to take Vanuatu citizenship, Bayer chose to accept in 1982,
109:
as well. Bayer was critical of this response, noting that
Vanuatu had criminalised money laundering as early as 1989, and voiced his suspicions that both the U.S. government and U.S. banks were insincere in their desire to crack down on
34:
142:
European Bank, and again froze the bank's U.S. funds. In March 2012, after nearly a decade of litigation, European Bank successfully unfroze its accounts and had its funds returned, with interest.
68:
attaining the rank of captain. After leaving the U.S. military, Bayer worked in international banking. He moved to
Australia in 1967 and later to Singapore. He moved from Singapore to the
848:
89:
be the proceeds of a credit card fraud. This was part of a larger wave of concern about financial institutions in the South
Pacific, which several U.S. banks, including the
189:) as prime minister, RBV Governor Odo Tevi himself was removed after more than ten years in his position. Members of Parliament expressed differing opinions on the issue:
121:
Vanuatu pursued a diplomatic approach to resolving the situation, in which Bayer played a large role: a
Vanuatu delegation headed by Bayer went to the U.S. and met with
58:
548:
133:
officials in
January 2000 to discuss details of Vanuatu's anti-money laundering laws and practices, and arranged for reciprocal visits by State Department and
322:
77:
838:
828:
843:
72:
in 1974 to become the vice-managing director of the
Pacific International Trust Company, and was promoted to managing director the following year.
823:
868:
276:
246:
197:
described it as retaliation for Bayer's removal. In August 2013, Bayer was again appointed to the RBV board by new
Minister of Finance
630:
853:
833:
784:
126:
178:
858:
813:
134:
122:
556:
682:
757:
330:
863:
415:
159:
115:
114:
but rather had turned their attention to Vanuatu because it was a small and distant target, and one of the few
579:
522:
38:
150:
Bayer retired from his position as PITCO chairman in November 2011. In June 2012, then-Minister of Finance
818:
130:
217:
605:
786:
Hearings before the Permanent Subcommittee on Investigations of the Committee on Government Affairs
186:
65:
709:
190:
167:
154:
appointed Bayer to the board of the Reserve Bank of Vanuatu. Opposition politicians including
54:
222:
193:
stated that "Tevi had done a good job and was not sacked", whereas Leader of the Opposition
111:
90:
728:
657:
151:
94:
185:
government in whose cabinet Salawai served, and the election of Carcasses (who had since
493:
467:
441:
758:"Money Laundering, Global Financial Instability, and Tax Havens in the Pacific Islands"
174:
807:
20:
198:
69:
50:
182:
155:
170:
questioned the move due to Bayer's previous association with European Bank.
163:
138:
194:
251:
30:
442:"Vanuatu businessman to stand trial in US on moneylaundering charges"
177:, who succeeded to the position after Carcasses lost his seat in the
468:"Vanuatu businessman says no basis to FBI money laundering claims"
102:
98:
106:
494:"Vanuatu businessman says US charges likely to be thrown out"
97:, to suspend dollar transactions not just with Vanuatu but
317:
315:
517:
515:
363:
351:
306:
118:
which was not a dependency of major foreign powers.
523:"Bayer appointed as Board member of Reserve Bank"
398:
396:
302:
300:
298:
729:"Letter to the Editor: Reserve Bank appointment"
580:"VP, UMP, Nagriamel want Bayer out of RBV Board"
849:People who renounced United States citizenship
245:Vanesse, Marc; Rozen, Marc (9 November 2001).
271:
269:
8:
725:See also Bayer's response to that article:
606:"Bayer terminated from Reserve Bank Board"
402:
387:
375:
631:"Vanuatu Reserve Bank board member fired"
549:"European Bank Ltd frees $ US 25 million"
277:"Investigators turn to treasure islands"
19:For the German writer and musician, see
683:"Vanuatu Reserve Bank Governor removed"
416:"US Banks Place Blanket Ban on Vanuatu"
209:
173:In March 2013, new Minister of Finance
553:Vanuatu & Region News & Sport
327:Vanuatu & Region News & Sport
7:
756:Van Fossen, Anthony B. (Fall 2003).
323:"PITCO Chairman Tom Bayer to Retire"
789:. United States Senate. March 2001
708:Willie, Royson (21 October 2013).
14:
727:Bayer, Thomas (28 October 2013).
329:. 4 November 2011. Archived from
839:Military personnel from Michigan
829:Businesspeople from Pennsylvania
687:Pacific Islands News Association
844:Naturalised citizens of Vanuatu
635:Radio New Zealand International
578:Willie, Royson (18 June 2012).
498:Radio New Zealand International
472:Radio New Zealand International
446:Radio New Zealand International
656:Ligo, Godwin (25 March 2013).
604:Ligo, Godwin (22 March 2013).
555:. 7 March 2012. Archived from
218:"Going Worldwide from Vanuatu"
1:
824:American emigrants to Vanuatu
710:"Concern over RBV reputation"
869:United States Army soldiers
135:Financial Action Task Force
123:International Monetary Fund
885:
116:offshore financial centres
78:giving up U.S. citizenship
59:Wharton School of Business
18:
658:"Bayer refutes dismissal"
364:United States Senate 2001
352:United States Senate 2001
307:United States Senate 2001
281:The Sydney Morning Herald
160:Union of Moderate Parties
854:Vanuatuan businesspeople
834:Lehigh University alumni
765:The Contemporary Pacific
247:"Les paradis...fiscaux"
146:Reserve Bank of Vanuatu
57:before going on to the
53:, Bayer graduated from
39:Reserve Bank of Vanuatu
27:Thomas Montgomery Bayer
179:October 2012 elections
131:Federal Reserve System
859:Wharton School alumni
166:, and members of the
127:U.S. State Department
45:Early life and career
162:, Jeff Patunvanu of
814:20th-century births
559:on 15 December 2013
333:on 15 December 2013
35:former U.S. citizen
733:Vanuatu Daily Post
714:Vanuatu Daily Post
662:Vanuatu Daily Post
610:Vanuatu Daily Post
584:Vanuatu Daily Post
527:Vanuatu Daily Post
283:. 9 September 2006
66:United States Army
500:. 18 January 2003
474:. 16 January 2003
448:. 16 January 2003
422:. 30 January 2000
191:Robert Bohn Sikol
187:crossed the floor
64:He served in the
55:Lehigh University
876:
864:American bankers
798:
796:
794:
780:
778:
776:
762:
744:
743:
741:
739:
724:
722:
720:
705:
699:
698:
696:
694:
679:
673:
672:
670:
668:
653:
647:
646:
644:
642:
627:
621:
620:
618:
616:
601:
595:
594:
592:
590:
575:
569:
568:
566:
564:
545:
539:
538:
536:
534:
519:
510:
509:
507:
505:
490:
484:
483:
481:
479:
464:
458:
457:
455:
453:
438:
432:
431:
429:
427:
412:
406:
400:
391:
385:
379:
373:
367:
361:
355:
349:
343:
342:
340:
338:
319:
310:
304:
293:
292:
290:
288:
273:
264:
263:
261:
259:
242:
236:
235:
233:
231:
223:Global Custodian
214:
112:money laundering
91:Bank of New York
80:in the process.
16:Vanuatuan banker
884:
883:
879:
878:
877:
875:
874:
873:
804:
803:
792:
790:
783:
774:
772:
760:
755:
752:
747:
737:
735:
726:
718:
716:
707:
706:
702:
692:
690:
689:. 29 April 2013
681:
680:
676:
666:
664:
655:
654:
650:
640:
638:
637:. 21 March 2013
629:
628:
624:
614:
612:
603:
602:
598:
588:
586:
577:
576:
572:
562:
560:
547:
546:
542:
532:
530:
521:
520:
513:
503:
501:
492:
491:
487:
477:
475:
466:
465:
461:
451:
449:
440:
439:
435:
425:
423:
414:
413:
409:
403:Van Fossen 2003
401:
394:
388:Van Fossen 2003
386:
382:
376:Van Fossen 2003
374:
370:
362:
358:
350:
346:
336:
334:
321:
320:
313:
305:
296:
286:
284:
275:
274:
267:
257:
255:
244:
243:
239:
229:
227:
216:
215:
211:
207:
152:Moana Carcasses
148:
105:and eventually
95:JP Morgan Chase
86:
47:
24:
17:
12:
11:
5:
882:
880:
872:
871:
866:
861:
856:
851:
846:
841:
836:
831:
826:
821:
816:
806:
805:
800:
799:
781:
751:
748:
746:
745:
700:
674:
648:
622:
596:
570:
540:
529:. 12 June 2012
511:
485:
459:
433:
407:
392:
380:
368:
356:
344:
311:
294:
265:
237:
208:
206:
203:
175:Charlot Salwai
168:Vanua'aku Pati
147:
144:
85:
82:
46:
43:
15:
13:
10:
9:
6:
4:
3:
2:
881:
870:
867:
865:
862:
860:
857:
855:
852:
850:
847:
845:
842:
840:
837:
835:
832:
830:
827:
825:
822:
820:
819:Living people
817:
815:
812:
811:
809:
802:
788:
787:
782:
770:
766:
759:
754:
753:
749:
734:
730:
715:
711:
704:
701:
688:
684:
678:
675:
663:
659:
652:
649:
636:
632:
626:
623:
611:
607:
600:
597:
585:
581:
574:
571:
558:
554:
550:
544:
541:
528:
524:
518:
516:
512:
499:
495:
489:
486:
473:
469:
463:
460:
447:
443:
437:
434:
421:
417:
411:
408:
405:, p. 247
404:
399:
397:
393:
390:, p. 246
389:
384:
381:
378:, p. 243
377:
372:
369:
366:, p. 504
365:
360:
357:
354:, p. 495
353:
348:
345:
332:
328:
324:
318:
316:
312:
309:, p. 496
308:
303:
301:
299:
295:
282:
278:
272:
270:
266:
254:
253:
248:
241:
238:
226:. Winter 2001
225:
224:
219:
213:
210:
204:
202:
200:
196:
192:
188:
184:
180:
176:
171:
169:
165:
161:
157:
153:
145:
143:
140:
137:officials to
136:
132:
128:
124:
119:
117:
113:
108:
104:
100:
96:
92:
84:European Bank
83:
81:
79:
73:
71:
67:
62:
60:
56:
52:
44:
42:
40:
36:
32:
28:
22:
21:Thommie Bayer
801:
791:. Retrieved
785:
773:. Retrieved
768:
764:
736:. Retrieved
732:
717:. Retrieved
713:
703:
691:. Retrieved
686:
677:
665:. Retrieved
661:
651:
639:. Retrieved
634:
625:
613:. Retrieved
609:
599:
587:. Retrieved
583:
573:
561:. Retrieved
557:the original
552:
543:
531:. Retrieved
526:
502:. Retrieved
497:
488:
476:. Retrieved
471:
462:
450:. Retrieved
445:
436:
424:. Retrieved
419:
410:
383:
371:
359:
347:
335:. Retrieved
331:the original
326:
285:. Retrieved
280:
256:. Retrieved
250:
240:
228:. Retrieved
221:
212:
199:Maki Simelum
172:
149:
120:
87:
74:
70:New Hebrides
63:
51:Pennsylvania
49:A native of
48:
26:
25:
793:10 December
775:13 December
738:10 December
719:10 December
693:10 December
667:10 December
641:10 December
615:10 December
589:10 December
563:13 December
533:10 December
426:12 December
337:10 December
287:10 December
258:10 December
230:14 December
183:Sato Kilman
156:Serge Vohor
808:Categories
750:References
504:8 December
478:8 December
452:8 December
33:banker. A
205:Footnotes
164:Nagriamel
139:Port Vila
31:Vanuatuan
420:Tax News
195:Ham Lini
252:Le Soir
158:of the
129:, and
761:(PDF)
103:Palau
99:Nauru
29:is a
795:2013
777:2013
740:2013
721:2013
695:2013
669:2013
643:2013
617:2013
591:2013
565:2013
535:2013
506:2013
480:2013
454:2013
428:2013
339:2013
289:2013
260:2013
232:2013
107:Niue
101:and
93:and
771:(2)
61:.
810::
769:15
767:.
763:.
731:.
712:.
685:.
660:.
633:.
608:.
582:.
551:.
525:.
514:^
496:.
470:.
444:.
418:.
395:^
325:.
314:^
297:^
279:.
268:^
249:.
220:.
201:.
125:,
41:.
797:.
779:.
742:.
723:.
697:.
671:.
645:.
619:.
593:.
567:.
537:.
508:.
482:.
456:.
430:.
341:.
291:.
262:.
234:.
23:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.