The Independent Commission Against Corruption (ICAC) and the Securities Commission of Papua New Guinea (SCPNG) have signed a Memorandum of Understanding (MoU) to strengthen transparency, accountability and more importantly, the fight against corruption.
The MoU allows both agencies to share information and work closely together. The aim is to detect and stop corruption in the capital market. Find related news on the MoU on: https://www.postcourier.com.pg/icac-strengthens-anti-corruption-efforts-through-a-mou-with-scpng/
The agreement creates a clear system for sharing timely and relevant information. This will help both agencies to address financial crimes, fraud, market manipulation, and other corruption risks. It will also reduce delays caused by administrative and bureaucratic processes.
The partnership supports Papua New Guinea’s commitment to the Financial Action Task Force (FATF) requirements. These requirements call for strong cooperation between agencies to prevent money laundering and other financial crimes.
ICAC Acting Commissioner, Mr. Thomas Eluh in a media statement said the MoU shows a shared commitment to accountability and transparency in the country’s financial system.
He said access to timely and accurate information is important to detect corrupt activities and trace illegal financial transactions.
Mr. Eluh thanked the Securities Commission and said he looks forward to working together to strengthen integrity across the financial and regulatory environment.
Acting Chief Executive Officer of the Securities Commission, Mr. James Joshua, also welcomed the agreement. He said the MoU meets FATF requirements and creates a practical partnership between regulators in the capital market.
Mr. Joshua said the Securities Commission regulates the capital market, while the Central Bank regulates the banking sector. He said the MoU strengthens efforts to address corruption risks across the wider financial system.
He added that the partnership should go beyond information sharing. He said it should include capacity building and joint operations between officers from both agencies.
The MoU reflects a whole-of-government approach to improving governance, promoting transparency, and protecting public resources. It also strengthens ICAC’s network of partnerships to build national resilience against corruption.