Caption: Co-chair
agency representatives (L) Roselyn Gwaibo and Benny Popoita speaking to the
media.
By MATTHEW VARI
Sunday, July 10, 2016 (PNG)
PAPUA New Guinea has been officially removed from being flagged on the Greylist of the Financial Action Task Force (FATF) which the country was placed on in 2014 as a result of not meeting recommendation of the global body in terms of money laundering and terrorist financing recommendations not being met.
An inter-governmental National Coordination Committee on Anti Money Laundering and Counter Terrorism Financing led by the Bank of Papua New Guinea and the Department of Justice and Attorney General announced the removal of the country from listing as of June 18.
Acting Director for BPNG’s Financial Analysis Supervision Unit (FASU) Benny Popoita BPNG spoke on behalf of committee co-chair BPNG Governor Loi Bakani, said that committee was tasked with achieving the recommendations of the FATF through the country’s membership to the Asia-Pacific Group on Money Laundering.
“FATF is a multi-disciplinary comprising of 37 member countries globally and operates as a peer review mechanism holding governments and jurisdictions responsible to account for all their commitment to fighting international crime and maintaining financial stability and of course economic growth.”
“It is commonly known as a Greylist- PNG was Greylisted and criticized for our failure to establish and implement adequate measures to combat money laundering and terrorist financing.”
“Our failure to implement the international FATF recommendations received widespread condemnation from the private sector domestically and abroad, international agencies, peer Governments, FATF and the Asia-Pacific Group on Money Laundering,” Popoita said.
Co-chair and Deputy Secretary from the Department of Justice and Attorney General Roselyn Gwaibo explained the efforts taken by the Government through the concerted of Prime Minister Peter O’Neill in 2014 to reform the sector.
“To reform our prime minister wrote to FATF making a high level commitment that we will try to work hard to be delisted,” Gwaibo said.
“Since the Prime mInister made the announcement our state agencies have been very cooperative and through the National Coordinating Committee for Anti-Money Laundering and Counter Terrorist Financing came together and tried to work together effectively to try to remove us from the Greylist.”
“This work involved a lot of institutional reforms and the passage of two brand new laws, the United Nations Financial Sanctions and Anti-Money Laundering and Counter Terrorist Financing Law- with amendments to the Proceeds of Crime Act, Mutual Legal Assistance Act, and, Amendments to the Criminal Code.”
In close engagement with the regulated entities like the banks, the lawyers, accountants, finance and insurance companies who are all impacted by the legislation.
The committee comprised of government agencies from BPNG, Royal PNG Constabulary, Office of Insurance Commission, National Gaming Board, Department of Justice and Attorney General, Customs, IRC, Treasury, Public Prosecutor, Finance, Securities Commission, and Investment Promotion Authority.
The National Coordinating Committee reiterated that despite the removal of the country from the listing, the committee will maintain efforts to keep it off the Greylist in the future.
An inter-governmental National Coordination Committee on Anti Money Laundering and Counter Terrorism Financing led by the Bank of Papua New Guinea and the Department of Justice and Attorney General announced the removal of the country from listing as of June 18.
Acting Director for BPNG’s Financial Analysis Supervision Unit (FASU) Benny Popoita BPNG spoke on behalf of committee co-chair BPNG Governor Loi Bakani, said that committee was tasked with achieving the recommendations of the FATF through the country’s membership to the Asia-Pacific Group on Money Laundering.
“FATF is a multi-disciplinary comprising of 37 member countries globally and operates as a peer review mechanism holding governments and jurisdictions responsible to account for all their commitment to fighting international crime and maintaining financial stability and of course economic growth.”
“It is commonly known as a Greylist- PNG was Greylisted and criticized for our failure to establish and implement adequate measures to combat money laundering and terrorist financing.”
“Our failure to implement the international FATF recommendations received widespread condemnation from the private sector domestically and abroad, international agencies, peer Governments, FATF and the Asia-Pacific Group on Money Laundering,” Popoita said.
Co-chair and Deputy Secretary from the Department of Justice and Attorney General Roselyn Gwaibo explained the efforts taken by the Government through the concerted of Prime Minister Peter O’Neill in 2014 to reform the sector.
“To reform our prime minister wrote to FATF making a high level commitment that we will try to work hard to be delisted,” Gwaibo said.
“Since the Prime mInister made the announcement our state agencies have been very cooperative and through the National Coordinating Committee for Anti-Money Laundering and Counter Terrorist Financing came together and tried to work together effectively to try to remove us from the Greylist.”
“This work involved a lot of institutional reforms and the passage of two brand new laws, the United Nations Financial Sanctions and Anti-Money Laundering and Counter Terrorist Financing Law- with amendments to the Proceeds of Crime Act, Mutual Legal Assistance Act, and, Amendments to the Criminal Code.”
In close engagement with the regulated entities like the banks, the lawyers, accountants, finance and insurance companies who are all impacted by the legislation.
The committee comprised of government agencies from BPNG, Royal PNG Constabulary, Office of Insurance Commission, National Gaming Board, Department of Justice and Attorney General, Customs, IRC, Treasury, Public Prosecutor, Finance, Securities Commission, and Investment Promotion Authority.
The National Coordinating Committee reiterated that despite the removal of the country from the listing, the committee will maintain efforts to keep it off the Greylist in the future.
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