Bank of PNG

FATF is a multidisciplinary body made up of 37 member countries globally, and operates as a peer review mechanism holding Governments to account for their commitment to fighting international crime and improving financial stability.

PNG is part of the Asia Pacific Group on Money Laundering that is an associated member of FATF.

In February 2014, PNG was placed on the international monitoring list of the FATF and assessed on the FATF standards. PNG was found  as not being compliant and was greylisted by FATF.

In his recent Monetary Policy statement, he said industries such as manufacturing of food and refined petroleum products, telecommunications and utilities must be prioritised in order to reduce monopoly type businesses.

This challenge came from Opposition Leader Don Polye who claims Prime Minister Peter O’Neill lied when he told the people of Hela that proceeds of the LNG project were being held at the Bank of Papua New Guinea.

“In saying that LNG funds are kept in a trust account in the Bank of PNG is compromising the integrity and independence of the bank,” he says.