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PNG faces deadline for fixing issues with money laundering and terrorist financing

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Papua New Guinea has five months remaining to fix its anti-money laundering and counter-terrorist financing systems or face repercussions.
Papua New Guinea (PNG) is under pressure to address deficiencies in its anti-money laundering and counter-terrorism financing systems by the end of May, as set by the Financial Action Task Force (FATF). The country was placed on the FATF's grey list in June 2023 due to strategic deficiencies in these areas. PNG has made some progress, including the passage of the Whistleblower Act and the establishment of a dedicated financial analysis and supervision unit. However, significant challenges remain, particularly in the effective implementation of these measures. The FATF has warned that failure to meet the deadline could lead to further international repercussions, including potential difficulties in accessing global financial markets.

Read the Full rnz Article at:
[ https://www.rnz.co.nz/international/pacific-news/562718/png-faces-deadline-for-fixing-issues-with-money-laundering-and-terrorist-financing ]