By Samantha Solomon
A joint task force agreement has been signed between key government agencies to collaborate and work together on issues related to Money laundering in the country.
The agreement was spearheaded by the Independent Commission Against Corruption.
Deputy Commissioner for ICAC Daniel Baulch, explained the importance of the taskforce.
“This taskforce will enhance the coordination and effectiveness of asset recovery and anti-money laundering efforts and is linked to the action list set by the global Financial Action Task Force (FATF).” Baulch said.
Mr. Baulch said the implications of grey listing can be significant, affecting a country’s economy, reputation, and international standing.
“These actions are critical to avoid the FATF placing PNG on a gray list, which will significantly impact PNG’s economic growth and global reputation,” said Baulch.
Grey listing, I when a country is being identified as having strategic deficiencies in its measures to combat money laundering, terrorist financing, and proliferation financing.
He said ICAC have a key role to play in bringing about change that will result in improved scores and a stronger approach to money laundering in the future.
The Chief Commissioner of Customs, David Towe said this agreement will help in terms of PNG being away from the grey listed countries.
The agencies that came together to signed the joint task force agreement include, the Auditor general, PNG Customs, Bank of PNG, IPA and ICAC.
