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Anti-Money Laundering & Counter Terrorist Financing National Co-ordination Committee Meetings

The Ombudsman Commission and the Financial Analysis & Supervision Unit (FASU) of the Bank of PNG (BPNG) signed a Memorandum of Understanding on Information Sharing and Mutual Co-operation (MOU) in the fight against corruption on 28 February 2019.

The purpose of the MOU is to enable the Commission and FASU to share information and data to use for the purpose of assisting in detecting, investigating, and prosecuting money laundering, terrorist financing and other related crimes. The MOU is developed pursuant to Section 80(2) of the Anti-Money Laundering & Counter Terrorist Financing (AML/CTF) Act.

The Commission since the signing of this MOU with FASU has been invited to attend and be part of the Anti-Money Laundering & Counter Terrorist Financing National Co-ordination Committee (AML/CTF NCC) in preparation for the Anti-Money Laundering & Counter Terrorist Financing National Risk Assessment Mutual Evaluation process in 2020.

The NCC is made up of various key government agencies namely, the Department of PM & NEC, Department of Finance, Department of Foreign Affairs, Internal Revenue Commission, Department of Treasury, Investment Promotion Authority, National Gaming & Control Board, National Intelligence Organisation, Office of Insurance Commission, Office of Public Prosecutor, PNG Customs, PNG Immigration & Citizenship Authority, National Fisheries Authority, PNG Forest Authority, Royal PNG Constabulary, Securities Commission PNG, National Maritime Safety Authority, Ombudsman Commission and the National Narcotics Bureau.

The NCC is responsible towards assisting PNG to comply with the required international anti-money laundering and counter terrorist financing standards set by the Financial Action Task Force (FATF) when the country goes through its Mutual Evaluation process in 2020. 

Although the OCPNG has an observer status on the Committee it is gradually being engaged to participate by facilitating necessary data and information towards the country’s preparation for its mutual evaluation next year. 

The Commission has also been invited to attend the 22nd Asia Pacific Group on Money Laundering (APGML) Meeting and Technical Assistance Forum 2019 in Canberra, Australia in August this year as part of the Country’s preparation towards its mutual evaluation in 2020.

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