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Money laundering worries PNG Fisheries
00:27 am GMT+12, 24/04/2019, Papua New Guinea

Papua New Guinea National Fisheries Authority (NFA) is working on its remittance systems to address money laundering allegedly involving foreign companies issued licences to buy beche-de-mer.
 
Authority managing director John Kasu said the Beche-de-mer PNG Association had raised the concern and asked State agencies to look into the money laundering allegations.
 
Kasu said it was one of the challenges faced by the authority.
 
“I think money laundering is not only in fishery sector but involves other sectors. Fishery is one of the areas used as an avenue. But we are working on that, looking at the remittance system to improve its mechanisms,” Kasu said.
 
Kasu said companies engaged for the next beche-de-mer harvesting season should provide records of remittances or payments and beche-de-mer going out.
 
Kasu said the other concern was the issuing of too many licences last year.
 
“One of the things we working on is to actually screen carefully those companies (such as those) working with the National Fisheries Authority rules and regulations,” he said.
 
Kasu said hundreds of millions of kina were generated from beche-de-mer sale.
 
Kasu does not have the amount generated by the four fishing canneries in Lae.
 
“But about half of the catches are being off-loaded and processed here so what we are working on is to try and increase it,” he said.

SOURCE: THE NATIONAL/PACNEWS


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