BPNG Sounds Alarm: Grey Listing Could Cripple Papua New Guinea's Economy
Papua New Guinea risks being classified as a grey-listed country if it fails to meet recommendations from the Asia Pacific Group on Money Laundering Secretariat by October next year.
Chief Secretary to Government Ivan Pomaleu emphasized the government’s dedication to addressing the recommendations outlined in the mutual evaluation report. Mr. Pomaleu stated that the Marape-Rosso administration is committed to avoiding sanctions, highlighting its significant investments in anti-corruption and anti-money laundering efforts. “Sanctions would be unfair to the citizens of Papua New Guinea under this government’s watch,” he asserted.
According to the Bank of Papua New Guinea (BPNG), the nation must showcase its commitment to prosecuting money laundering and terrorism financing while strengthening regulatory reporting to BPNG’s Financial Analysis and Supervision Unit (FASU).
BPNG Governor Elizabeth Genia expressed concerns that grey listing could severely damage the country’s international standing, leading to higher borrowing costs, trade restrictions, and the potential loss of correspondent banking relationships.
To address these challenges, a three-day workshop commenced in Port Moresby on Tuesday, aiming to formulate a strategic plan for implementing anti-money laundering and counter-terrorist financing initiatives over the next year.
The workshop brought together delegates from the Asia Pacific Group on Money Laundering Secretariat, donor partners, service providers, and leaders of 22 state agencies represented in the National Coordinating Committee.
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