News

PSDI was in Papua New Guinea last week to attend the strategic implementation plan workshop and national coordinating committee meeting (NCC) on anti-money laundering and combatting the financing of terrorism (AML/CFT).

PNG has been issued a list of recommendations by the intergovernmental Financial Action Task Force (FATF) to strengthen its AML/CFT compliance and avoid being “grey-listed”—an outcome which could have significant negative impacts on PNG businesses and the broader economy, including potential trade sanctions and the loss of correspondent banking relationships.

PSDI is providing technical support to the Investment Promotion Authority for its efforts to ensure PNG meets its international AML/CFT obligations. This includes support to introduce a process for collecting and storing data on ultimate beneficial ownership of companies—one of the key necessary outcomes identified by the FATF report. PSDI will also assist IPA with the implementation of the Associations Act which was passed in 2023.

The strategic implementation plan workshop demonstrates the Government of Papua New Guinea’s wider commitment to avoid the country’s grey-listing. The workshop brought together representatives from all the relevant government departments and agencies, as well as development partners, to discuss what the FATF’s findings and recommendations mean for PNG, determine priorities, identify potential development partner support for the process, and forge an action plan for responding to the recommendations.

Participants at the strategic implementation plan workshop and national coordinating committee meeting.