anti-money laundering

The implementation of the strategic plan, is the third proposal that sets out seven objectives – a responsibility of NCC and the Technical working groups from 15 different PNG institutions. 

Top five risks Papua New Guinea faces are, Illegal logging, Illegal fishing, fraud and tax evasion among others; and this strategic plan is aiming to address this issues.

Governor for Bank of PNG, Elizabeth Genia and Secretary for the Department of Justice, Dr. Eric Kwa were present to launch the plan.

The significant signing event took place at the IPA Haus and signed by IPA Managing Director Clarence Hoot and Director of the NFACD Matthew Damaru. 

Mr Hoot expressed the importance of the MoU stating that the partnership is immense in terms of both organization’s roles in promoting transparency and accountability. The two are already in active collaboration through their partnership and the signing was only for formality sake.

FATF is an inter-governmental body that sets standards and monitors threats to the integrity of the international financial system.

Prime Minister Peter O’Neill when welcoming the decision said “Papua New Guinea is committed to laying our part in preventing the misuse of financial systems by criminal elements.”

“When the FATF assessed the country's financial system in 2010, a series of serious deficiencies were identified in our Government’s Anti-Money Laundering and Combat the Financing of Terrorism regime.