For the first time, Papua New Guinea is part of a global survey on economic crime. PNG was part of the global survey conducted over a two year period in 82 countries including PNG.
The principal of Price Waterhouse Coopers in Melbourne, Australia, Dave Harley was the guest speaker at a business breakfast organized by the Port Moresby Chamber of Commerce.
The 2014 Economic Crime Survey has concluded that the top 5 forms of economic crimes in PNG are asset misappropriation, bribery and corruption, Human resource fraud, procurement fraud and accounting fraud.
Amongst these 5, the survey found that asset misappropriation was the common form faced by businesses in PNG.
This survey now provides an opportunity for corporate sector to relate economic crime to the issues that affect PNG.
There has been an increasing trend in economic crime however; this trend has dropped over the last 2 years due to the introduction of regulations.
The survey also recommends for political intervention in terms of introducing fraud policy.
It also suggested for better governance structure within corporate bodies and implementation of strict procedures and guidelines.
The survey also calls for businesses to integrate fraud framework into business framework.
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