PNG-Owned Firm to Lead Landside Infrastructure at Kimbe Port

Papua New Guinea’s government has launched an urgent high-level response to prevent the country from being placed on the Financial Action Task Force (FATF) grey list by October this year.

Prime Minister James Marape told Parliament yesterday that his government is committed to strengthening the nation’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) framework. His assurance came in response to questions raised by Deputy Opposition Leader Hon. James Nomane, who expressed concern over the looming deadline and its potential consequences.

The FATF grey list, officially known as the “jurisdictions under increased monitoring,” identifies countries with significant weaknesses in addressing money laundering and terrorism financing. Countries listed face greater international scrutiny, decreased investor confidence, and financial restrictions.

To avoid such repercussions, a new Intergovernmental Task Force on AML/CTF has been formed under the Department of the Prime Minister and National Executive Council. The task force includes multiple agencies such as the Departments of Justice, Finance, and Treasury; the Royal PNG Constabulary; the Internal Revenue Commission; and financial regulatory bodies like the Bank of PNG, the National Fisheries Authority, and the National Forest Authority.

Oversight of the task force has now been placed under the care of Treasurer Hon. Ian Ling-Stuckey, taking over from the Minister for Justice and Attorney General. Prime Minister Marape stated that the Treasurer is now responsible for ensuring all involved state agencies take strong and effective action against illicit financial activities to maintain the country’s financial integrity.

Marape also revealed that he held an emergency meeting with heads of relevant agencies last week, urging them to work relentlessly to close the remaining gaps in the country’s compliance framework. He noted that only a few areas remain unresolved, which must be urgently addressed.

While stressing the importance of aligning with global financial standards, the Prime Minister highlighted the need to tailor reforms to PNG’s local context, acknowledging the challenges of a predominantly rural and cash-driven economy. Despite the tight timeline, the Government is confident that swift and united action will prevent the country from being added to the FATF grey list.

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PNG-Owned Firm to Lead Landside Infrastructure at Kimbe Port