“The Marape Government is working with international partners to get our economy growing faster,” stated Treasurer Ian Ling-Stuckey.
“My recent discussions with Robert Kaproth, Deputy Assistant Secretary, in the United States Treasury, explored technical assistance options for modernising our anti-money laundering and counter-terrorist financing laws.
“The application of these laws in PNG currently lacks an adequate ‘risk-based’ approach.
Small farmers, local businesses and even government cheques are all suffering from current interpretations of legislation. There is, in fact, an urgent need for a more balanced approach and improved oversight to these interpretations, for both the BPNG, BSP and other commercial banks.
Treasurer Ling-Stuckey outlined that the United States is a leader in many areas of international cooperation and regulation.
“The anti-money laundering and counter terrorist financing laws were important actions to deal with dangerous international financial flows, especially following the attacks of 9/11,” he continued.
“The US expertise in this area could provide useful insights on getting balances right in our financial system.
“This also applies to international transactions where there are major issues in ensuring remittances from seasonal workers can easily be returned to PNG.
“We would welcome increased technical assistance cooperation between our two countries in line with greater Pacific engagement by the US.
“This would be a very useful complement to the more traditional and valued assistance from the Australian Treasury.”
(Treasurer Ian Ling-Stuckey, accompanied by Dr Misty Baloiloi, meets with Deputy Assistant Secretary Robert Kaproth at the United States Department of Treasury building, adjacent to the White House in Washington DC, on October 19th)