Photo credit: PNG Department of Information & Communications Technology - Minister for Treasury, Hon. Ian Ling-Stuckey (left) accompanied by Principal Advisor, Dr Misty Baloiloi in front of the US Department of Treasury , adjacent to the White House, 19 October 2021.
In order to modernize PNG's anti-money laundering legislation, the Minister of Treasury has requested treasury help from the United States.
“The Marape Government is working with international partners to get our economy growing faster,” stated Treasurer Ian Ling-Stuckey.
“My recent discussions with Robert Kaproth, Deputy Assistant Secretary, in the United States Treasury, explored technical assistance options for modernising our anti-money laundering and counter-terrorist financing laws.
“The application of these laws in PNG currently lacks an adequate ‘risk-based approach.
Current legislative interpretations are harming small farmers, local businesses, and even government checks. In fact, both the BPNG and the BSP, as well as other commercial banks, urgently require a more balanced approach and improved oversight of these interpretations.
The United States, according to Treasurer Ling-Stuckey, is a leader in several areas of international collaboration 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,” he continued.
“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 PNG.
“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 and valued assistance from the Australian Treasury.”
Reference: Loop (October 25, 2021). “Treasury Seeks US Support”.
