The Investment Promotion Authority (IPA) has signed a Memorandum of Understanding (MOU) with the Fraud and Anti-Corruption Directorate (NFACD) to share information to address issues of the Anti-Money Laundering and Counter Terrorist Financing (AML/CTF) including fraud.
In a small but significant event at the IPA Haus, the MOU was signed by the IPA Managing Director Mr. Clarence Hoot and Director of the NFACD Mr. Matthew Damaru.
In signing the MOU Mr. Hoot expressed the significance of the MOU stating that the partnership was enormous in terms of both Organization’s roles in promoting transparency and accountability. Mr. Hoot said there is already ongoing working relationships between the two Organizations and this is merely to formalize this collaboration.
Under the Government’s efforts towards addressing the AML/CTF issue, a Committee co-chaired by the Department of Justice and Attorney General and the Bank of Papua New Guinea, comprising relevant Government Agencies was set up to develop work plans to address the agenda. The Committee consists of IPA, the Royal Papua New Guinea Constabulary (RPNGC), Internal Revenue Commission, the Bank of PNG and Treasury Department to name a few. One of the action items of the Committee is to sign MOUs with other Government Agencies to share information to facilitate their work including investigations. The MOU signing was part of the IPA and the RPNGC’s commitment towards implementing the action items.
Director Damaru clarified that information sharing under the MOU will be restricted to those that relevant laws allow for the custodians to release. He said that any other information requested will have to be released after appropriate legal processes have been followed.
The IPA believes in collaborative work with other key agencies to ensure that companies and relevant individuals are conducting business responsibly and in compliance with all relevant laws in the country.
It is also inviting other Agencies to contact its Office to discuss possible partnerships.
