Prime Minister James Marape has assured the country that Papua New Guinea will move swiftly to address deficiencies identified after the nation was placed on the grey list by the Financial Action Task Force.

Speaking when questioned on the matter during his attendance at an event at the Stanley Hotel & Suites last night, the Prime Minister described the development as an opportunity for reform rather than a setback.

“Well, it means we have to work on those areas identified that are needing improvement,” he said. “For me, I see it as an opportunity to correct some of the errors and inefficiencies we have been carrying.”

Mr. Marape said work to strengthen Papua New Guinea’s anti-money laundering framework had been ongoing since 2017 and 2018 but was disrupted during the COVID-19 pandemic in 2020 and 2021.

He acknowledged that approximately eight to nine areas require improvement, including stronger prosecution of suspected money laundering cases.

“From what I’ve been advised, one of them is prosecution of possible money launderers in our country,” he stated.

The Prime Minister pointed to recent enforcement action, including the freezing of K214 million held in a trust account as announced by the Police Commissioner, describing it as part of ongoing compliance efforts.

He stressed that Papua New Guinea is not predominantly identified as a terrorism financing risk but that concerns raised relate largely to money laundering oversight.

“The spotlight is on money laundering in our country, so I want to give assurance to the country that we will work at the earliest,” he said.

Mr. Marape confirmed that instructions have been issued to law enforcement agencies and relevant authorities to take firm action where suspicious financial transactions are identified.

“If there are shady accounts and financial transactional accounts, by all means prosecute,” he said.

He added that as an economy, Papua New Guinea must “step up” to meet international standards and restore full confidence.