Financial Crime World

PNG Preps for Second Mutual Evaluation Review

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Port Moresby, Papua New Guinea - As the country prepares for its second Mutual Evaluation Review (ME) in 2021, the Financial Analysis and Supervision Unit (FASU) remains committed to detecting, deterring, disrupting, and preventing financial crimes and terrorist financing.

Commitment to Combating Financial Crimes

In a statement, Governor of the Bank of Papua New Guinea and Co-Chair of the National Co-ordinating Committee on Anti-Money Laundering/Countering the Financing of Terrorism (AML/CTF), Loi M Bakani, CMG expressed his confidence in FASU’s progress, saying:

“I am pleased to observe the focus and dedication of the members of the NCC and heartened by the progress made so far.”

Preparing for the ME Process

To prepare for the ME process, which starts in October-November 2020 and concludes in July 2022, FASU hosted a Pre-ME exercise in November 2019 with the assistance of Australia’s Department of Home Affairs (DHA). The self-assessment exercise highlighted areas where PNG needs to focus its priorities to ensure a successful ME.

Gratitude and Encouragement

FASU Director expressed his gratitude to all NCC members, observers, and international donor partners for their support and cooperation. He also encouraged all NCC members and technical staff from member agencies and observer agencies to put in extra efforts towards PNG’s next ME:

“I encourage all NCC members and technical staff from member agencies and observer agencies to put in extra efforts towards PNG’s next ME.”

Significance of FASU’s Independence

The article highlights the significance of FASU’s independence and accountability to the Governor of the Bank of Papua New Guinea, while also acknowledging its operational independence in performing core functions under the Anti-Money Laundering and Counter Terrorist Financing Act 2015.

Expectations for the ME Review

As PNG prepares for its second ME review, stakeholders are eagerly awaiting the outcome, which is expected to be a comprehensive assessment of the country’s AML/CTF regime. With FASU’s continued commitment to combating financial crimes and terrorist financing, the country is well-positioned to improve its rating and reputation in the global fight against financial crime.

Key Takeaways

  • FASU remains committed to detecting, deterring, disrupting, and preventing financial crimes and terrorist financing.
  • The Pre-ME exercise highlighted areas where PNG needs to focus its priorities to ensure a successful ME.
  • FASU’s independence and accountability are crucial in performing core functions under the Anti-Money Laundering and Counter Terrorist Financing Act 2015.
  • The country is well-positioned to improve its rating and reputation in the global fight against financial crime with FASU’s continued commitment.