PAPUA New Guinea has made significant progress in its efforts to be removed from the international Financial Action Task Force (FATF) grey list, reducing the number of required actions from 75 to 18, according to Treasurer Ian Ling-Stuckey.
Speaking after a meeting of the High-Level National Coordination Committee (NCC) last week, Mr Ling-Stuckey said sustained effort over the next two years will be critical if PNG is to successfully exit the grey list within the FATF’s 28-month timeframe.
The NCC, which comprises heads of 23 government agencies involved in the law, justice and financial sectors, reviewed the country’s progress and discussed measures needed to meet upcoming deadlines.
Mr Ling-Stuckey expressed concern over attendance at the meeting, noting that while 19 agencies were represented, only 10 agency heads attended.
“As part of PNG’s roadmap to get off the grey list, 18 recommended actions must be completed, with five key actions due by the end of September 2026,” he said.
The five priority actions include completing the National Risk Assessment and Legal Persons Risk Assessment, as well as amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act, the Criminal Code Act, and the United Nations Sanctions Act.
The Treasurer said progress on all five actions remains on track. Drafts of the National Risk Assessment and Legal Persons Risk Assessment have been completed and circulated for consultation, while legislative drafting on the three amendment bills is well advanced.
He also confirmed that an additional K13.5 million allocated in the 2026 National Budget will support implementation of the FATF action plan.
The NCC meeting also reviewed outcomes from a recent visit by the FATF High-Level Group, which met with Prime Minister James Marape, Deputy Prime Minister John Rosso, Speaker Job Pomat, Police Commissioner David Manning, Secretary for Justice Dr Eric Kwa and members of the NCC.
According to Mr Ling-Stuckey, FATF representatives highlighted the need for stronger statistical evidence demonstrating an increase in money laundering prosecutions and the recovery of proceeds of crime.
“The FATF requirements in these areas are high and will require stronger statistical evidence of progress,” he said.
An update on PNG’s progress will be presented to the National Executive Council next week, while the proposed legislative amendments are expected to be tabled during Parliament’s late August sitting.
Mr Ling-Stuckey called for bipartisan support from both government and opposition members to ensure PNG can meet all FATF requirements and secure its removal from the grey list as soon as possible.