Deal made to counter money laundering

THE Investment Promotion Authority (IPA) has signed a memorandum of understanding (MOU) with the Police Fraud and Anti-Corruption Directorate (NFACD) to share information in countering money laundering and terrorist financing and fraud.
IPA managing director Clarence Hoot and NFACD director Matthew Damaru signed the MOU in Port Moresby.
Hoot said the MOU was significant and that the partnership was enormous in promoting transparency and accountability.
He said there was ongoing working relationship between the two organisations and this was merely to formalise the collaboration.
He said a committee co-chaired by the Department of Justice and Attorney General and Bank of PNG, including relevant government agencies was set up to develop work plans to address anti-money laundering and counter-terrorism financing.
The committee comprised of IPA, Royal Papua New Guinea Constabulary, Internal Revenue Commission, BPNG and Treasury.
One of the action items of the committee was to sign MOUs with government agencies to share information.
Damaru said information sharing under the MOU would be restricted to those that relevant laws allowed for the custodians to release.
He said any other information requested would have to be released after appropriate legal processes had been followed.