PNG Moves on Grey Listing Review with Reform Taskforce to Strengthen Financial Systems

Papua New Guinea is moving to tighten its financial systems following the Government’s acceptance of the grey listing financial assessment, with Prime Minister James Marape confirming that PNG will fully implement the recommended reforms.

 PNG Moves on Grey Listing Review with Reform Taskforce to Strengthen Financial Systems

Opening his remarks on the matter, the Prime Minister said the country would treat the assessment as an opportunity to correct systemic weaknesses rather than engage in blame over past policy gaps.

He stated that ensuring a secure and transparent economy was essential, warning that unchecked financial loopholes could expose PNG to money laundering, illegal transactions and criminal financing risks.

A coordinated reform approach is now underway, with a high-level working group established to guide implementation and ensure key institutions work together in addressing outstanding recommendations.

Marape emphasised that independent constitutional agencies continue to play a critical role in safeguarding the nation’s financial integrity through their legal mandates and oversight functions.

He noted that the grey listing review reflects a broader global push for stronger compliance and monitoring across financial jurisdictions, adding that PNG is not alone in undergoing such scrutiny.

“This is an opportunity to fix, tidy, and correct our systems before the 2027 elections,” he said. “Our aim is to emerge with a stronger, more secure economy, one that is solid, compliant, and free from abuse as we move into the next 50 years of nationhood.”