Financial unit signs deal to address money issues


THE Financial Analysis and Supervision Unit (Fasu) has urged government agencies to sign agreements to allow information exchange relating to anti-money laundering and counter-terrorism financing.
Unit director Benny Popoitai told The National on Friday after signing a memorandum of understanding (MoU) with the Investment Promotion Authority (IPA) and Securities Commission of Papua New Guinea to access information relating to money laundering and counter-terrorism financing without any anxiety.
“These are two of 18 government agencies we have written to sign MoUs to enable us to access confidential information relating to such activities in the country,” Popoitai said.
He said the signing of agreements was part of building the unit’s anti-money laundering and counter terrorist regime which they formed after PNG was removed from the “grey list” last year.
“In 2011 and 2012, PNG was grey listed by the financial action taskforce after they identified significant gaps in our systems of business and regulations that resulted in the country not coordinating its responsibilities to ensure better sharing of information,” Popoitai said.
However, he said with the help of the national coordinating committee, they came up with a strategic plan, along with the International Cooperation Review Group which got PNG out of the grey list in June 2016.
IPA acting managing director Clarence Hoot said activities of anti-money laundering and counter terrorism financing were important.
“From the IPA and the Securities Commission position, we are happy to execute this agreement and it also serve as our commitment to working with the Fasu and the Central Bank on issues related to this matter,” he said.
Chairman of the Securities Commission Christopher Hnanguie said PNG was well advanced in terms of implementing all the requirements of the United Nations under money laundering obligations.

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