Financial Crime World

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Financial Crime Risk Assessment Tools in Papua New Guinea

The Benin Follow-Up Report 2023 highlights the importance of implementing effective financial crime risk assessment tools in Papua New Guinea. The report emphasizes the need for a risk-based approach to tackling financial crimes, and identifies key areas where improvement is needed.

Risk-Based Approach

Assessing risk and applying a risk-based approach (R.1) is crucial in preventing financial crimes. National cooperation and coordination (R.2) are also essential in sharing intelligence and best practices to combat financial crime.

Key Areas of Focus

  • Targeting money laundering offence (R.3)
  • Confiscation and provisional measures (R.4)
  • Terrorist financing offence (R.5)
  • Targeted financial sanctions related to terrorism and terrorist financing (R.6) and proliferation (R.7)

Additionally, the report identifies non-profit organisations (R.8), financial institution secrecy laws (R.9), customer due diligence (R.10), record keeping (R.11), and politically exposed persons (R.12) as areas that require closer attention.

Monitoring and Reporting

  • Correspondent banking (R.13)
  • Money or value transfer services (R.14)
  • New technologies (R.15)
  • Wire transfers (R.16)
  • Reliance on third parties (R.17)
  • Internal controls and foreign branches and subsidiaries (R.18)
  • Higher-risk countries (R.19)

The report also emphasizes the importance of reporting suspicious transactions (R.20) and tipping-off and confidentiality (R.21).

Regulation

  • Powers of supervisors (R.27)
  • Financial intelligence units (R.29)
  • Responsibilities of law enforcement and investigative authorities (R.30)
  • Powers of law enforcement and investigative authorities (R.31)

International Cooperation

  • International instruments (R.36)
  • Mutual legal assistance (R.37)
  • Freezing and confiscation (R.38)
  • Extradition (R.39)
  • Other forms of international cooperation (R.40)

Conclusion

The Benin Follow-Up Report 2023 underscores the importance of implementing effective financial crime risk assessment tools in Papua New Guinea to prevent and combat financial crimes effectively.

Note: R.[number] refers to the corresponding reference number in the original report.