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Papua New Guinea is determined to stay out of the Financial Action Taskforce on Money Laundering (FATT) grey list.
PNG was grey-listed by the entity, headquartered in France, but with the help of friends in the region, including the Australian government, it got out in 2015.
Director of Financial Analysis and Supervision Unit (FASU) Benny Popoita said last Friday that everything would be done to ensure PNG stays out.
Popoita said the task was for PNG to put in place a robust Anti-Money Laundering and Counter Terrorist Funding (AML/CTF) regime.
He said these efforts have already begun, with FASU and the PNG Coordinating Committee (NCC) as the forerunners.
“Experience is those gone out and come back in, is that it is difficult to get out again. Everything discussed on economy will have no meaning because no country in the world will want to do business with a country that is on the grey list at all,” Popoita stressed.
He said authorities were now also working on the overall National Risk Assessment.
“This is a project where we report the vulnerabilities and risk of AML/CTF risk in PNG.”
“We have resource limitations faced by government agencies and departments, so in rolling out the regime, it is important to know where the risks are and be able to focus our attention on mitigating them,” Popoita said.
“We started this project with the ADB and at the end of this month, we have another meeting with the NCC to have a look at the draft report of the risk assessment,” he said.
Popoita had reported that since FASU became a legal entity, it has received reports on suspicious matters.
The reviews are done by FASU and those deemed needing further investigations have been sent to police.
SOURCE: POST COURIER/PACNEWS
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