By Delly Waigeno – EMTV News, Port Moresby
The Bank of Papua New Guinea and the Department of Justice and Attorney General held a joint media conference yesterday to announce the removal of PNG from the ‘Greylist’ of the Financial Action Task Force (FATF).
FATF is an international body that operates as a peer review mechanism, holding governments to account for their commitment to fighting international crime and improving financial stability.
PNG was criticised for failing to establish and implement adequate measures to combat money laundering and terrorist financing, hence the Greylisting.
The National Coordinating Committee was established as a response, and co-chaired by the Bank of PNG and the Department of Justice and Attorney General.
Whilst being removed from the Greylist is a significant accomplishment for PNG, the committee said PNG remains under close scrutiny from their international and domestic peers to ensure the systems are now in place, in order to continue its implementation.