PAPUA New Guinea treasurer Ian Ling-Stuckey has indicated that there will be no interference in derailing the work of the Bank of Papua New Guinean’s Financial Analysis and Supervision Unit (FASU) against BSP on the country’s anti-money laundering laws.
Treasurer Ling-Stuckey said in a statement in response to the regulatory action taken by FASU.
“It is crucial for our international credibility as a country, attempting to promote foreign investment, that we are seen worldwide to have a regulatory regime that takes seriously, any possible non-compliance with our laws and our international agreements.
“I am pleased by the measured and detailed statement set out by FASU and look forward to the regulatory process proceeding without interference. As treasurer, I support a fair, open and transparent process and call on all parties to co-operate fully with the investigation and the regulatory measures determined by FASU.
“All countries around the world face issues ensuring regulatory compliance and adherence to AML/KYC requirements. What determines our standing as a modern economy is how we respond, and the actions we take to address these issues going forward.
“I am working as treasurer to ensure a more modern monetary and financial system, with proactive regulation of the financial sector, and we have an ongoing Review of the Central Bank Act, led by eminent persons Independent Advisory Group, to help achieve this.
“The Marape government recognizes BSP has a substantial presence in the banking sector. The Government is therefore concerned about the wider impact on livelihoods, and as a significant shareholder, I will liaise with the relevant ministries with oversight over BSP, as well as seek to provide advice from Treasury to the Cabinet on any interventions, if appropriate, including representation on the board,” said the treasurer.
Meanwhile, BSP Financial Group (BFL) has responded to the allegations by FASU that it is compliant with its legal requirements.
“BFL remains of the view that it has at all times complied with its AML/CTF obligations,” said a BFL recent statement, “BFL will consider its legal options in relation to the sanctions which have been imposed.”