The Government is totally committed to preventing Papua New Guinea from being placed on the Financial Action Task Force (FATF) grey list in October this year 2025, and is now fully immersed in completing key tasks through the newly set up Intergovernment Task Force on Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF).
Prime Minister Hon. James Marape gave the undertaking today (28.05.25) in Parliament in response to concerns raised by Deputy Opposition Leader Hon. James Nomane on whether Government is taking action against the impending threat.
The FATF grey list, also known as “jurisdictions under increased monitoring,” identifies countries actively working with FATF to address deficiencies in their anti- money laundering and countering the financing of terrorism (AML/CFT) regimes. These countries have committed to resolving the identified issues within agreed timeframes.
Prime Minister Marape confirmed the establishment of the task force, and his urgent meeting with the team last week to stress the urgency of the matter and get members to work immediately, overtime to avoid the grey list.
The Task force is headed by the Department of Prime Minister and NEC and comprises key representatives from the Department of Justice and Attorney General, Department of Finance, Treasury, Royal PNG Constabulary, Internal Revenue Commission, Bank of PNG, National Fisheries Authority, and National Forest Authority.
Treasurer, Hon. Ian Ling Stuckey has been handed this responsibility by the Prime Minister, which used to be under the Minister for Justice and Attorney General, to oversee the taskforce and to work on the AML and CTF.
PM Marape said, “Minister for Treasury has a handle on this matter directly. He will coordinate all responsible agencies of State and mobilise them to act on money laundering and illegal transactions so our country remains sound of economy and financial systems.
“I summoned all agency heads to a critical meeting last week giving them clear direction, in no uncertain terms, that they work day and night to avert the possibility of us getting grey listed. This review comes around every 5 years.
“We have only three or four areas that are outstanding that we must dispatch forthwith.”
The Prime Minister said actions taken must consider Papua New Guinea’s own characteristics of economy such as our rural people who largely depend on the cash economy for a living.