Papua New Guinea’s exit from the FATF grey listing is an important governance challenge for the country. So, I was honoured to be a guest speaker at the IIA PNG’s AML Grey List Exit Strategy Workshop on the topic of “A National Roadmap to Exit AML Grey Listing in Papua New Guinea”.
Having worked on key projects previously, such as advising the Bank of PNG in the investigations into foreign currency operations of the entire banking sector in PNG, I know this is a topic of strong interest to my clients.
The workshop focused on the role of internal audit in strengthening AML/CTF controls, financial crime prevention and governance, and during my presentation, we covered key areas, including:
- Diagnositic assessment of current challenges and gaps identified in the FATF/APG MER report
- Progress on government and NCC (National Coordination Committee) initiatives
- Case studies of countries that have recently exited the grey list successfully
- Building the infrastructure to support AML implementation
It was great to see increased awareness of alternative mechanisms for PNG’s exit strategy, and it’s worth noting that this conversation needs to be ongoing.
All financial institutions and regulators involved in PNG need to build robust systemic controls, with regular stress testing to ensure these foundations last for decades ahead! It’s not dissimilar to the process to embed the checks-and-balances systems into the ASFPNG (Association of Superannuation Funds in PNG) industry around 25 years ago, which has gone on to generate wealth for the citizens of PNG today!
With 30+ years of global business experience, I’m able to advise multi-nationals, SMEs and startups on the particular considerations when it comes to operating in PNG. Contact me if you’d like a confidential converation about how MASHAL can help.
