Govt seeks help from US on money-laundering

PAPUA New Guinea has sought assistance from the United States government to mordernise the country’s anti-money laundering and counter-terrorist financing laws.
Treasurer Ian Ling-Stuckey recently had discussions with the US deputy assistant secretary of the Treasury for Asia Robert Kaproth to explore technical assistance options.
Ling-Stuckey said the application of these laws in PNG currently lacked an adequate “risk-based” approach.
“Small farmers, local businesses and even government cheques are all suffering from current interpretations of legislation,” he said.
“There is, in fact, an urgent need for a more balanced approach and improved oversight to these interpretations, for both the Bank of PNG, BSP Financial Group Ltd and other commercial banks.
“The US is a leader in many areas of international cooperation and regulation.
“The anti-money laundering and counter terrorist financing laws were important actions to deal with dangerous international financial flows, especially following the attacks of 9/11.
“The US expertise in this area could provide useful insights on getting balances right in our financial system.
“This also applies to international transactions where there are major issues in ensuring remittances from seasonal workers can easily be returned to Papua New Guinea.
“We would welcome increased technical assistance cooperation between our two countries in line with greater Pacific engagement by the US.
“This would be a very useful complement to the more traditional assistance and valued assistance from the Australian treasury.”