By Eric Haurupma – EM TV News, Port Moresby
The revised Proceeds of Crime Act originally formulated in 2005 needs amendment to effectively deal with money laundering cases in the country.
This was disclosed yesterday during an anti-corruption workshop on money laundering in Port Moresby.
Implementing agencies such as the police and courts play a vital role in enforcing this legislation, with the notion to fight financial terrorism and combat money laundering in the country.
With more emphasis and focus in this area, more discussions have been made on how this legislation can be enforced in its entirety to effectively deal with this issue.
The Brit’sh international governance and risk institute, GovRisk, facilitate the training that is being undertaken by magistrates and others from within the law and justice sector.
One integral part of the training is the use of case studies, where participants are able to identify indictable offences that were derived from the proceeds of crime in relation to money laundering.
UK Barrister, Alexander Mills, highlighted during the training that legal regimes in place such as the Proceeds of Crime Act 2005 will deal will any forms of money laundering.
He said under PNG’s jurisdiction there are specific pieces of legislation that deal with this this issue.
They are; Proceeds of Crime Act 2005, Criminal Code (Money Laundering and Terrorist Financing Amendment Act 2015, Anti- Money Laundering Act 2015, Terrorist Financing Act 2015, Mutual Assistance and Criminal Matters Act 2015 and United Nations Financial Sanctions Act 2015.
Meanwhile, the Proceeds of Crime Act 2005 amendment is yet to be fully sanctioned by the national government.