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Papua New Guinea is adamant on staying off the Financial Action Task Force (FATF) Money Laundering and Counter Terrorist Financing-grey list.
The country was grey-listed in 2011/2012 but with help got out in June 2016.
To enhance these efforts an agreement was signed last Friday between the recently established Financial Analysis Supervision Unit (FASU), PNG Investment Promotion Authority (IPA) and the Securities Commission last Friday.
The Memorandum of Understanding (MOU) forms the basis for the exchange of important information required by FASU to ensure the risks of AML/CTF in PNG are minimised.
Signatories to the agreement were the director of FASU-Benny Popoita, IPA managing director-Clarence Hoot and the newly appointed chairman of the Securities Commission Christopher Hnanguie.
Speaking at the signing Popoita highlighted that AML has become a global agenda.
“We live in a global environment and we must make sure that what we do and who we deal with are persons that we can trust and deal with confidence that our business dealings in any way, shape or form does not provide an avenue for money laundering or used to finance any terrorist activities,” Popita said.
“The risks for PNG are not that high compared to most other countries, it’s critical that everything necessary is done, to prevent PNG from being used in this regard.
“IPA and Securities Commission have important roles to play, one deals with the registration of companies while the other with investment in shares so if we suspect anything coming in through these fronts we can use the document and talk to them for help and vice versa without causing any anxiety,” Popoita said.
The MOUs signed in effect is the third of about 18 it plans to sign with other entities.
The first with the National Intelligence Organisation (NIO) some weeks back.
He added that FASU has similar agreements in place with Australia, Japan and Bangledesh and is looking at joining forces with some of the pacific countries by the year’s end.
Hoot said “We know there is a lot of work that needs to be done from PNG’s perspective. The need for us to organise ourselves and work as a team is paramount.”
Hnanguie said the MOU is quite significant and he also pleased to commit the commission to this cause.
source: POST COURIER/PACNEWS
Pacific Islands News Association
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