IRC STEPS UP ENFORCEMENT ROLE IN GREY LIST EXIT PLAN

CAPTION: Acting Commissioner General Sam Loi

BY RAYLEEN WANJIMAN

THE Internal Revenue Commission says it will play a central enforcement role in Papua New Guinea’s efforts to exit the grey list of the Financial Action Task Force.

Acting Commissioner General Sam Loi says IRC has established a dedicated Tax Crime Unit to strengthen investigations into tax evasion linked to money laundering.

He says when suspicious transaction reports are submitted by banks, they are analysed by the Financial Analysis and Supervision Unit (FASU) and referred to IRC and other agencies for action.

Loi says IRC’s role is twofold first is to assess and recover taxes from illicit funds and secondly to use its collection powers to help speed up asset recovery processes.

He adds that legislative amendments are also being pursued to criminalise more tax-related offences allowing stronger prosecution of offenders.

Commissioner Loi says FATF now wants to see evidence of effective enforcement, coordination and prosecution and IRC is committed to delivering measurable results as part of that national effort.