Assessment to Give Financial Credibility

The National Coordinating Committee (NCC) is ensuring that the mutual assessment by the Asia Pacific Group on money laundering in the country will bring about great benefits.

Since its last assessment in 2016, the international assessors will now see the effectiveness of the acts and laws put in place by the committee.

After two weeks of assessment, an overall evaluation will be given and recommendations will be made on how best to improve Papua New Guinea’s financial systems.

“We are almost 50 countries in this group and basically the whole idea is to ensure the financial systems are robust, gives credibility to our Kina, to our Bank of PNG, and to the banks in PNG that operate that our money is safe to be traded on the international market,” said Secretary for Department of Justice and Attorney General, Dr Eric Kwa.

He said the government has put in place the NCC, who have been managing the systems, and the laws in place have been tracked every quarter.

“So the team meets every quarter to assess how the different agencies are performing in terms of keeping with the law, ensuring that different agencies are collaborating and ensuring everything is water-tight. Your government has not gone to sleep, the government is on top of this,” stated Dr Kwa.

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