Financial Crime World

Title: International Community Applauds PNG’s Steps to Combat Financial Crimes: AML/CTF Legislations in Place

PNG’s Commitment to International Obligations

The Pacific Island nation of Papua New Guinea (PNG) has made significant strides towards strengthening its financial system against money laundering and terroristic financing by enacting a series of legislations in 2015.

Legislation Suite

  1. Anti-Money Laundering and Counter-Terrorist Financing Act 2015
  2. United Nations Financial Sanctions Act 2015
  3. Criminal Code (Anti-Money Laundering and Counter-Terrorist Financing) (Amendment) Act 2015
  4. Proceeds of Crime (Amendment) Act 2015
  5. Mutual Legal Assistance (Amendment) Act 2015

These AML/CTF legislations serve to reinforce PNG’s defenses and focus on the following strategic priorities:

  • Regional and Transnational Organized Crime
  • Anti-Corruption
  • Security
  • Financial Stability

United Nations Financial Sanctions Act 2015

Key features

  1. Establishment of a Sanctions Secretariat within the Department of Prime Minister and National Executive Council
  2. Processes for implementing UN sanctions and domestic designations
  3. Penalties for dealing with prohibited assets and financial services
  4. Processes for review and revocation of designations
  5. Seeking authorization to manage frozen assets or provide services to designated personnel or entities

Additional aspects

  • Information sharing, reporting, and delegation of authority
  • Specific protection measures
  • Power to make regulations

By enforcing these provisions, PNG is taking a firm stance against terroristic financing and safeguarding its financial system and broader security framework.

Criminal Code 1974

Terrorist act and terrorist financing definitions

Amendments to the Criminal Code 1974 provide crucial definitions for a terrorist act and terrorist financing, aligning Papua New Guinea’s legislation with international standards. These amendments criminalize money laundering and terrorist financing comprehensively.

By enacting these AML/CTF legislations, PNG demonstrates its commitment to the international community, aiming to:

  1. Address financial crimes, terroristic financing, and the profit motives driving transnational and organized crime
  2. Adhere to international norms and expectations and strengthen its financial system.

This proactive stance not only advances Papua New Guinea’s security priorities but also boosts its reputation as a responsible member of the global community.