PNG COMMITTED TO ADDRESS OUTSTANDING RECOMMENDATIONS TO EXIT FATF GREYLIST: PM MARAPE

IN an effort to exit the Financial Action Task Force (FATF) grey list designation, Prime Minister James Marape has committed to address all outstanding recommendations to strengthen Papua New Guinea’s economic security and integrity following the recent addition of PNG to the FATF Grey List on 13th February of this year.

The FATF is the primary global intergovernmental body responsible for setting standards on anti- money laundering and counter-terrorism financing frameworks.

Being grey listed means PNG is under strict economic monitoring and regulation.

The Prime Minister said the Marape-Rosso Government will not blame the findings to past administrations, but will take responsibility and act decisively.

He announced the establishment of a high-level working group, with an initial briefing scheduled for today involving the Governor of the Bank of Papua New Guinea, the Treasurer and key economic agencies, to coordinate reform efforts.

The Prime Minister confirmed that the majority of recommendations have already been addressed, with remaining actions now prioritised as part of the Government’s reconstruction agenda.