MPs frustrated with bounced cheques, want law reviewed

National
Ian Ling-Stuckey

MPs want a review of the Anti-Money Laundering and Counter Terrorist Financing Act 2015, according to Treasurer Ian Ling-Stuckey.
He, in response to questions raised about Government cheques being dishonoured, said many MPs were frustrated and expected the practice to be stopped immediately.
Ling-Stuckey said the entire Government caucus during last year on several occasions, including the National Executive Council and Budget Management Committee, had expressed their frustrations and demanded a complete stop by the Bank of PNG and commercial banks to dishonour or bounce Government cheques when sufficient funds were clearly available.
“The Government is attempting to help but is being frustrated by excessive red tapes,” Ling-Stuckey said.
“How it is being interpreted and then incorporated into the payment process by the Bank of PNG and commercial banks is the reason for bounced cheques.
“The Government needs a good payment system to ensure all payments are properly authorised and executed.”
Ling-Stuckey said there had to be a payment system that was in line with international obligations such as anti-money laundering and countering terrorist financing.
He said despite being comprehensively vetted and endorsed by the administering government agency and approved for payment by the Departments of Finance and Treasury, the cheques continued to be dishonoured.
Ling-Stuckey will meet with heads of private banks, the governor of the Bank of PNG, secretaries of Finance, Treasury, Planning, other departments and experts in payments systems from the World Bank to discuss how PNG can modernise its payment systems.

One thought on “MPs frustrated with bounced cheques, want law reviewed

  • The government of the day also should look into regulations restricting stock market investors. The citizens of this country have been promoted to gamble instead of investing. They are being forced to play horse racing and poker machine and that is gambling. Investing into stock market should be encouraged and restrictions in excessing online brokers should be removed.

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