PNG to announce laws on Money laundering and Terrorism

Papua New Guinea is moving away from the Financial Action Task Force greylist of countries prone to money laundering and terrorism financing with the implementation of five new laws gazetted and will come into effect today.

According to a joint statement issued by the Governor of Bank of Papua New Guinea and the secretary of the department of justice and Attorney General who are co- chairs of PNG Anti- Money Laundering and Counter Terrorist Financing National Coordinating Committee.

Bakani said a study done by the World Bank in 2011 found that PNG is a lacking in a number of areas so that government has taken onboard this responsibility to tighten the loop holes in the overall financing system. As a way forward the parliament has enacted these five laws will also act as legal framework for implementing financial sanctions against persons or entities connected with terrorists financing and proliferation of weapons of mass destruction.

• Criminal Code ( Money Laundering and Terrorist Financing Amendment Act 2015

• United Nations Financial Sanctions Act 2015

• Anti- Money Laundering and Counter Financing Act 2015

• Proceeds of Crime ( Amendment Act 2015 and

• Mutual Assistance in Criminal Matters Amendment Act 2015

Commercial Banks, Car Dealers, trustees and so forth will now comply to his laws and this will include regular checks and balance to prevent and detect money laundering at financial institutions and the public are urged to cooperate and comply to this processes.

Assistant Police Commissioner Crimes Chief Superintendent Victor Isouve stated that the police as one of the line law enforcing agency will be working closely with the Finance Intelligence Unit and will act on tip off, to prosecute offenders.