IRC, BPNG working to catch money launderers

INTERNAL Revenue Commission (IRC) commissioner general Sam Koim has warned those involved in money laundering that his office is working with the Bank of Papua New Guinea’s Financial Analysis and Supervision Unit (Fasu) to detect these criminal activities.
He said this when responding to questions from The National about money launderers evading tax.
“For example, there’s one business that continuously declares nil returns to us for three years but in the same three years from the analyses that was done, the money that were going in was about K217 million,” Koim said.
He said that resulted in a K50 million tax assessment.
“That work is going on and businesses out there who think that there’s a jungle they can hide in, there’s no longer a jungle, we are collaborating to detect and deter these activities,” Koim said.
“We are working with Fasu.
“They do a lot of flagging to us so we take actions on some of the suspicious transactions that they have analysed.
“A couple of things they have flagged are individuals who are conducting what appears to be business transactions using their personal bank accounts, they also flag it to us.
“Individuals who are moving large volumes of cash that appears to be money laundering and tax evasion, they also flag it to us.”