Papua New Guinea - Anti-Money Laundering and Combating the Financing of Terrorism : Mutual Evaluation Report
Papua New Guinea (PNG) faces very serious risks of Money laundering (ML) from various criminal activities including domestic corruption (misappropriation of public funds), which is considered a serious problem. PNG is experiencing rapid economic gr...
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| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2011/07/16281972/papua-new-guinea-anti-money-laundering-combating-financing-terrorism-mutual-evaluation-report http://hdl.handle.net/10986/12563 |
| Summary: | Papua New Guinea (PNG) faces very
serious risks of Money laundering (ML) from various criminal
activities including domestic corruption (misappropriation
of public funds), which is considered a serious problem. PNG
is experiencing rapid economic growth, very large scale
foreign investment and an escalating crime rate. While the
Financial Intelligence Unit (FIU) is building its capacity,
there is no clear political level commitment to 'follow
the money' to tackle corruption and other crimes, and
no demonstrated commitment to regulate and supervise AML
obligations by financial sector regulators, which severely
hampers the authorities ability to tackle financial aspects
of corruption. Misappropriation of government funds occurs
using government payments which, according to the
authorities, are generally placed through the banking sector
in PNG and used to purchase real estate, high-value
vehicles, distributed in cash or moved offshore. This report
provides a summary of the Anti-Money Laundering and
Combating the Financing of Terrorism (AML/CFT) measures in
place in PNG at the time of the mission or shortly
thereafter. The report was produced by the World Bank as
part of the Financial Sector Assessment Program (FSAP) of PNG. |
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