PNG must urgently pass priority laws to meet international standards on anti-money laundering and counter-terrorism financing: Dr Kwa

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.

Related news: https://www.pngbusinessnews.com/articles/2024/11/png-strengthens-commitment-to-anti-money-laundering-counter-terrorist-financing-efforts 

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.

Steven Kenda
Steven Kendahttp://www.thepngsun.com
Mr Steven Kenda holds a Bachelor of Art in Journalism and Public Relations from the University of Papua New Guinea (UPNG).

━ Related News

Governor Parkop reaffirms commitment to women and girls as UN Under-Secretary-General and UNFPA Executive Director visits PNG

NCD Governor Powes Parkop has reassured the visiting United Nations Under- Secretary- General and UNFPA Executive Director of the NCD’s commitment to improving the...

Global spotlight on PNG as UNFPA director champions fight against gender-based violence

The Executive Director of the United Nations Population Fund (UNFPA), Ms. Diene Keita, is in Port Moresby, Papua New Guinea from 23 to 24...

PM Marape declares support for freedom of speech, expression and independent media at opening of Post Courier’s new facilities

Prime Minister, James Marape yesterday declared his government’s unwavering commitment to freedom of speech, freedom of expression, and an independent media while officially opening...

PM Marape orders full investigation into PNGDF audit findings, commits to stronger defense force

An audit summary of the PNGDF has shown that while the approved PNGDF establishment stands at over 5,000 positions, only 3,057 positions are currently...

PM Marape strengthens PNG-US corporation on fuel security and disaster support

Prime Minister, James Marape welcomed continued cooperation with the United States following a constructive meeting with Chargé d’Affaires Alex Berenberg of the U.S. Embassy...