POLICE have frozen a further K4 million in suspected stolen public funds held in the bank account of a foreign-owned company, as anti-money laundering recoveries in Papua New Guinea now exceed K200 million.
Commissioner of Police David Manning said the money was paid from a District Development Authority to a company owned by a foreign national for the purported supply of infrastructure components
“A total of K7 million was paid to the company. K3 million was withdrawn in cash, and the remaining K4 million has now been frozen,” Commissioner Manning said.
“This is one of several active investigations where police are moving to restrain stolen funds and prosecute those involved.
“The message is simple: if you steal public money, we will find it, freeze it and take it back. If you helped move it, hide it or ignore the warning signs, you are also on notice.”
Commissioner Manning said the Proceeds of Crime Act 2022 gives police and partner agencies stronger powers to trace, restrain and recover corrupt funds, particularly money stolen from government agencies.
“Papua New Guinea will exit the Financial Action Task Force Grey List, and that means there can be no tolerance for dirty money, weak compliance or deliberate blindness.
“Through ARROW, the RPNGC, Bank of PNG Financial Analysis and Supervision Unit, and the Office of the Public Prosecutor are now working at a level not seen before.
“Police and our partner agencies have now integrated modern analytical systems to identify unexplained wealth, suspicious transactions and patterns of movement that do not match lawful income. These systems are helping us follow the money faster, connect the accounts and expose the people behind ithe transactions.
“Financial institutions are now on notice. Banks and reporting entities must know their customers, question suspicious transactions and urgently refer to Police any red flags. This is what the law requires, and it is what we expect.
“Where public funds move through an account and a financial institution fails to ask the obvious questions, those institutions have failed in their obligations. Negligence, wilful blindness or facilitation will be investigated and charges will follow.” “We are squeezing the corrupt and those who enable them. The money trailis no longer a safe place to hide.”