Anti-Money Laundering legislation

Treasurer seeks US support

“The Marape Government is working with international partners to get our economy growing faster,” stated Treasurer Ian Ling-Stuckey.

“My recent discussions with Robert Kaproth, Deputy Assistant Secretary, in the United States Treasury, explored technical assistance options for modernising our anti-money laundering and counter-terrorist financing laws.

“The application of these laws in PNG currently lacks an adequate ‘risk-based’ approach.

Law society not consulted in recent laws passed

President Peter Kuman revealed to the Special Parliamentary Committee on Public Sector Reform and Service Delivery hearing that the society does not play a role in the Law Reform Commission but any draft or proposed legislation that is circulated to them, is forwarded to its members for their input.

“A classic example is the Anti-Money Laundering legislation that got passed which affects the profession in a significant way. We were not invited by the Central Bank and the Law Reform Commission to comment on it,” Kuman told the committee.