POSSIBILITY OF PNG TO BE “BLACKLISTED” PM MARAPE

BY LETHISA KOLOKOL

PRIME Minister James Marape says PNG has the possibility of being blacklisted by the Financial Action Task Force (FATF), if the responsible agencies do not address and provide solutions to the greylist areas.

The Prime Minster made these statement when questioned by the Sinesine-Yongomugl MP, Kerenga Kua about his government’s response to the FATF greylist in Parliament on Tuesday this week.

Marape explained that PNG was first greylisted in 2014. Back then, the responsible monitoring agencies addressed the greylist factors, provided solutions and the country exited the greylist in 2016.

However, Prime Minister Marape said, in 2024, his government was alerted by the FATF about 70 significant weaknesses in PNG’s strategic Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Deficiencies.

“Since then, my government has been working to address the 70 weaknesses. We have managed to address most of them, and now we are left with only 15 areas to look at” Marape says.

He said, PNG has been given two years to tighten these 15 areas, especially efforts in money laundering in the country.
“We have the possibility of being blacklisted, if we do not tighten our efforts in these 15 areas in the next two years. The National Executive Council has given a 12-month period to the responsible agencies to provide solutions to the areas that are lacking” he said.

The Prime Minister assured the country that he has instructed the 23 monitoring agencies and the Royal Papua New Guinea Constabulary (RPNGC) to work together to tighten these 15 areas in the coming months.

RPNGC has been advised to follow the money trail and prosecute anyone caught at the end of the trail.