PNG has just six months to amend key laws or risk deeper financial isolation after being grey-listed by the Financial Action Task Force, according to the Secretary for the Department of Justice and Attorney-General Dr Eric Kwa.
Speaking to business leaders in Lae last week, Dr Kwa said PNG must urgently pass four priority laws to meet international standards on anti–money laundering and counter-terrorism financing.
These include amendments to the Proceeds of Crime Act, changes to the Criminal Code, a new Sanctions Act, and the publication of the National Risk Assessment.
Failure to act could damage investor confidence, restrict banking relationships, and make it harder for PNG businesses and citizens to operate internationally.
Dr Kwa revealed that Cabinet, under Prime Minister James Marape, has already endorsed the reform action plan, which was submitted to FATF following PNG’s recent engagement in Mexico City.
A dedicated team will now work around the clock to ensure compliance within the six-month window, he said.
This is not about rewriting entire laws but aligning definitions and closing gaps identified by FATF, he said. Related news: https://www.thepngsun.com/governor-parkop-defends-png-over-fatf-grey-listing-warns-against-political-misrepresentation/
The message is clear: reform is urgent, unavoidable, and essential to protecting PNG’s financial future, he said.