Papua New Guinea - Anti-Money Laundering and Combating the Financing of Terrorism : Mutual Evaluation Report
Papua New Guinea (PNG) faces very serious risks of Money laundering (ML) from various criminal activities including domestic corruption (misappropriation of public funds), which is considered a serious problem. PNG is experiencing rapid economic gr...
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| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2011/07/16281972/papua-new-guinea-anti-money-laundering-combating-financing-terrorism-mutual-evaluation-report http://hdl.handle.net/10986/12563 |
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okr-10986-12563 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ABUSE ACCESS TO INFORMATION ACCESS TO RESOURCES ACCESSIBLE CREDIT ACCOUNTABILITY ANTI-CORRUPTION ANTI-MONEY LAUNDERING ASSETS AUDITOR BANK ACCOUNT BANK ACCOUNTS BANK FINANCE COMPANIES BANKING ASSETS BANKING FEES BANKING SECTOR BANKING SECTOR ASSETS BANKING SERVICES BANKS BEST PRACTICES BRIBE BRIBERY BRIBES BROKER BROKERS BUSINESS LIFE BUSINESS PEOPLE CASH TRANSACTION CENTRAL BANK CENTRAL SECURITIES DEPOSITORY CHECKS CIVIL SOCIETY COLLUSION COMMERCIAL BANK COMMERCIAL BANKS COMMERCIAL LAWS COMMODITY PRICE COMMODITY PRICES COMMON LAW COMPLAINTS CONFIDENCE CONFIDENTIALITY CORPORATION FINANCE CORRUPT CORRUPT OFFICIALS CORRUPT PRACTICES CORRUPTION CORRUPTION OFFENCES CORRUPTION PERCEPTION CORRUPTION PERCEPTION INDEX CPI CPI SCORE CRIME CRIMES CRIMINAL CRIMINAL LAWS CRIMINAL LIABILITY CRIMINALITY CURRENCY CURRENCY EXCHANGE DECENTRALIZATION DEPOSIT DEPOSITS DEVELOPING COUNTRY DEVELOPMENT ASSISTANCE DEVELOPMENT BANK DISCLOSURE REQUIREMENTS DISPUTE RESOLUTION DOMESTIC MARKET DUE DILIGENCE ECONOMIC GROWTH ELECTRONIC PAYMENT ELECTRONIC PAYMENT SYSTEMS ENFORCEMENT AGENCIES ENTREPRENEURS EQUALITY EQUIPMENT ETHNIC GROUP EXCHANGE CONTROLS EXPENDITURE EXPENDITURES EXPLOITATION EXTRADITION FIGHT AGAINST CORRUPTION FINANCIAL ASSETS FINANCIAL CRIMES FINANCIAL CRISIS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTELLIGENCE FINANCIAL INTELLIGENCE UNIT FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SECTOR ASSESSMENT FINANCIAL SECTOR REFORMS FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SUPPORT FINANCIAL SYSTEM FOREIGN EXCHANGE FOREIGN FUNDS FOREIGN INVESTMENT FRAUD GANGS GOOD GOVERNANCE GOVERNMENT ASSETS GOVERNMENT BONDS GOVERNMENT FUNDS GOVERNMENT OFFICIALS GROSS DOMESTIC PRODUCT HOLDING HUMAN DEVELOPMENT HUMAN RESOURCES HUMAN RIGHTS INDIRECT IMPACT INEQUALITY INFLATION INFLATIONARY PRESSURES INFORMATION SHARING INFORMATION TECHNOLOGY INSTITUTIONAL INVESTORS INSURANCE INSURANCE INDUSTRY INSURANCE MARKET INSURANCE PENETRATION INTANGIBLE INTEGRITY INTERNAL CONTROL INTERNAL CONTROLS INTERNATIONAL INSURANCE INTERNATIONAL STANDARDS INVESTIGATION INVESTIGATIONS INVESTIGATIVE BODIES INVESTMENT FINANCE INVESTOR CONFIDENCE IRREGULAR INCOME JUDICIAL SYSTEM JUSTICE LANDHOLDERS LANDOWNERS LAW ENFORCEMENT LAWYERS LEADERSHIP LEADERSHIP CODE LEGAL FRAMEWORK LEGAL FRAMEWORKS LEGAL SYSTEM LEGAL SYSTEMS LEVY LIBEL LIFE INSURANCE LIFE INSURANCE COMPANIES LIFE INSURANCE COMPANY LOAN MARKET CAPITALIZATION MARKET INTERMEDIARIES MEDIA MICROFINANCE MICROFINANCE INSTITUTIONS MINISTER MINISTERS MISAPPROPRIATION MONEY LAUNDERING MUTUAL LEGAL ASSISTANCE NATIONAL INTEGRITY NATIONAL INTEGRITY SYSTEMS NEGOTIABLE INSTRUMENTS NOTARIES OFFICE HOLDERS OPEN ECONOMY PATRONAGE PAYMENT SERVICES PAYMENTS SERVICES PENALTIES PENALTY PEOPLES POLICE POLITICAL STABILITY PORTFOLIOS POST OFFICE PROSECUTION PROSECUTOR PROSECUTORS PUBLIC FINANCE PUBLIC FINANCES PUBLIC FUNDS PUBLIC SPENDING PUBLIC-PRIVATE PARTNERSHIPS RAPID ECONOMIC GROWTH REAL ESTATE RECEIPTS REGISTRATION REQUIREMENTS REGULATOR REGULATORS REGULATORY FRAMEWORK REMEDY REMITTANCE REMITTANCE SERVICE REMITTANCES RESERVES RETURN ROBBERIES ROBBERY RULE OF LAW SANCTION SANCTIONS SAVINGS SECONDARY MARKETS SECURITIES SECURITIES EXCHANGE SECURITIES MARKET SEIZURE SETTLEMENT SETTLEMENT SYSTEM SHARE OF ASSETS SHAREHOLDERS STOCK EXCHANGE STRUCTURAL PROBLEM SUPERVISORY AUTHORITIES SUPERVISORY POWERS TAX TAX EXEMPTION TERRORISM THEFT TRADING TRANSACTION TRANSPARENCY TREASURY TREATY TRUSTEES UNION URBAN AREAS VALUE TRANSFER VILLAGE VIOLENCE WIRE TRANSFER |
| spellingShingle |
ABUSE ACCESS TO INFORMATION ACCESS TO RESOURCES ACCESSIBLE CREDIT ACCOUNTABILITY ANTI-CORRUPTION ANTI-MONEY LAUNDERING ASSETS AUDITOR BANK ACCOUNT BANK ACCOUNTS BANK FINANCE COMPANIES BANKING ASSETS BANKING FEES BANKING SECTOR BANKING SECTOR ASSETS BANKING SERVICES BANKS BEST PRACTICES BRIBE BRIBERY BRIBES BROKER BROKERS BUSINESS LIFE BUSINESS PEOPLE CASH TRANSACTION CENTRAL BANK CENTRAL SECURITIES DEPOSITORY CHECKS CIVIL SOCIETY COLLUSION COMMERCIAL BANK COMMERCIAL BANKS COMMERCIAL LAWS COMMODITY PRICE COMMODITY PRICES COMMON LAW COMPLAINTS CONFIDENCE CONFIDENTIALITY CORPORATION FINANCE CORRUPT CORRUPT OFFICIALS CORRUPT PRACTICES CORRUPTION CORRUPTION OFFENCES CORRUPTION PERCEPTION CORRUPTION PERCEPTION INDEX CPI CPI SCORE CRIME CRIMES CRIMINAL CRIMINAL LAWS CRIMINAL LIABILITY CRIMINALITY CURRENCY CURRENCY EXCHANGE DECENTRALIZATION DEPOSIT DEPOSITS DEVELOPING COUNTRY DEVELOPMENT ASSISTANCE DEVELOPMENT BANK DISCLOSURE REQUIREMENTS DISPUTE RESOLUTION DOMESTIC MARKET DUE DILIGENCE ECONOMIC GROWTH ELECTRONIC PAYMENT ELECTRONIC PAYMENT SYSTEMS ENFORCEMENT AGENCIES ENTREPRENEURS EQUALITY EQUIPMENT ETHNIC GROUP EXCHANGE CONTROLS EXPENDITURE EXPENDITURES EXPLOITATION EXTRADITION FIGHT AGAINST CORRUPTION FINANCIAL ASSETS FINANCIAL CRIMES FINANCIAL CRISIS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTELLIGENCE FINANCIAL INTELLIGENCE UNIT FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SECTOR ASSESSMENT FINANCIAL SECTOR REFORMS FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SUPPORT FINANCIAL SYSTEM FOREIGN EXCHANGE FOREIGN FUNDS FOREIGN INVESTMENT FRAUD GANGS GOOD GOVERNANCE GOVERNMENT ASSETS GOVERNMENT BONDS GOVERNMENT FUNDS GOVERNMENT OFFICIALS GROSS DOMESTIC PRODUCT HOLDING HUMAN DEVELOPMENT HUMAN RESOURCES HUMAN RIGHTS INDIRECT IMPACT INEQUALITY INFLATION INFLATIONARY PRESSURES INFORMATION SHARING INFORMATION TECHNOLOGY INSTITUTIONAL INVESTORS INSURANCE INSURANCE INDUSTRY INSURANCE MARKET INSURANCE PENETRATION INTANGIBLE INTEGRITY INTERNAL CONTROL INTERNAL CONTROLS INTERNATIONAL INSURANCE INTERNATIONAL STANDARDS INVESTIGATION INVESTIGATIONS INVESTIGATIVE BODIES INVESTMENT FINANCE INVESTOR CONFIDENCE IRREGULAR INCOME JUDICIAL SYSTEM JUSTICE LANDHOLDERS LANDOWNERS LAW ENFORCEMENT LAWYERS LEADERSHIP LEADERSHIP CODE LEGAL FRAMEWORK LEGAL FRAMEWORKS LEGAL SYSTEM LEGAL SYSTEMS LEVY LIBEL LIFE INSURANCE LIFE INSURANCE COMPANIES LIFE INSURANCE COMPANY LOAN MARKET CAPITALIZATION MARKET INTERMEDIARIES MEDIA MICROFINANCE MICROFINANCE INSTITUTIONS MINISTER MINISTERS MISAPPROPRIATION MONEY LAUNDERING MUTUAL LEGAL ASSISTANCE NATIONAL INTEGRITY NATIONAL INTEGRITY SYSTEMS NEGOTIABLE INSTRUMENTS NOTARIES OFFICE HOLDERS OPEN ECONOMY PATRONAGE PAYMENT SERVICES PAYMENTS SERVICES PENALTIES PENALTY PEOPLES POLICE POLITICAL STABILITY PORTFOLIOS POST OFFICE PROSECUTION PROSECUTOR PROSECUTORS PUBLIC FINANCE PUBLIC FINANCES PUBLIC FUNDS PUBLIC SPENDING PUBLIC-PRIVATE PARTNERSHIPS RAPID ECONOMIC GROWTH REAL ESTATE RECEIPTS REGISTRATION REQUIREMENTS REGULATOR REGULATORS REGULATORY FRAMEWORK REMEDY REMITTANCE REMITTANCE SERVICE REMITTANCES RESERVES RETURN ROBBERIES ROBBERY RULE OF LAW SANCTION SANCTIONS SAVINGS SECONDARY MARKETS SECURITIES SECURITIES EXCHANGE SECURITIES MARKET SEIZURE SETTLEMENT SETTLEMENT SYSTEM SHARE OF ASSETS SHAREHOLDERS STOCK EXCHANGE STRUCTURAL PROBLEM SUPERVISORY AUTHORITIES SUPERVISORY POWERS TAX TAX EXEMPTION TERRORISM THEFT TRADING TRANSACTION TRANSPARENCY TREASURY TREATY TRUSTEES UNION URBAN AREAS VALUE TRANSFER VILLAGE VIOLENCE WIRE TRANSFER World Bank Papua New Guinea - Anti-Money Laundering and Combating the Financing of Terrorism : Mutual Evaluation Report |
| geographic_facet |
East Asia and Pacific |
| description |
Papua New Guinea (PNG) faces very
serious risks of Money laundering (ML) from various criminal
activities including domestic corruption (misappropriation
of public funds), which is considered a serious problem. PNG
is experiencing rapid economic growth, very large scale
foreign investment and an escalating crime rate. While the
Financial Intelligence Unit (FIU) is building its capacity,
there is no clear political level commitment to 'follow
the money' to tackle corruption and other crimes, and
no demonstrated commitment to regulate and supervise AML
obligations by financial sector regulators, which severely
hampers the authorities ability to tackle financial aspects
of corruption. Misappropriation of government funds occurs
using government payments which, according to the
authorities, are generally placed through the banking sector
in PNG and used to purchase real estate, high-value
vehicles, distributed in cash or moved offshore. This report
provides a summary of the Anti-Money Laundering and
Combating the Financing of Terrorism (AML/CFT) measures in
place in PNG at the time of the mission or shortly
thereafter. The report was produced by the World Bank as
part of the Financial Sector Assessment Program (FSAP) of PNG. |
| format |
Economic & Sector Work :: Other Social Protection Study |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Papua New Guinea - Anti-Money Laundering and Combating the Financing of Terrorism : Mutual Evaluation Report |
| title_short |
Papua New Guinea - Anti-Money Laundering and Combating the Financing of Terrorism : Mutual Evaluation Report |
| title_full |
Papua New Guinea - Anti-Money Laundering and Combating the Financing of Terrorism : Mutual Evaluation Report |
| title_fullStr |
Papua New Guinea - Anti-Money Laundering and Combating the Financing of Terrorism : Mutual Evaluation Report |
| title_full_unstemmed |
Papua New Guinea - Anti-Money Laundering and Combating the Financing of Terrorism : Mutual Evaluation Report |
| title_sort |
papua new guinea - anti-money laundering and combating the financing of terrorism : mutual evaluation report |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2011/07/16281972/papua-new-guinea-anti-money-laundering-combating-financing-terrorism-mutual-evaluation-report http://hdl.handle.net/10986/12563 |
| _version_ |
1764420227424059392 |
| spelling |
okr-10986-125632021-04-23T14:03:01Z Papua New Guinea - Anti-Money Laundering and Combating the Financing of Terrorism : Mutual Evaluation Report World Bank ABUSE ACCESS TO INFORMATION ACCESS TO RESOURCES ACCESSIBLE CREDIT ACCOUNTABILITY ANTI-CORRUPTION ANTI-MONEY LAUNDERING ASSETS AUDITOR BANK ACCOUNT BANK ACCOUNTS BANK FINANCE COMPANIES BANKING ASSETS BANKING FEES BANKING SECTOR BANKING SECTOR ASSETS BANKING SERVICES BANKS BEST PRACTICES BRIBE BRIBERY BRIBES BROKER BROKERS BUSINESS LIFE BUSINESS PEOPLE CASH TRANSACTION CENTRAL BANK CENTRAL SECURITIES DEPOSITORY CHECKS CIVIL SOCIETY COLLUSION COMMERCIAL BANK COMMERCIAL BANKS COMMERCIAL LAWS COMMODITY PRICE COMMODITY PRICES COMMON LAW COMPLAINTS CONFIDENCE CONFIDENTIALITY CORPORATION FINANCE CORRUPT CORRUPT OFFICIALS CORRUPT PRACTICES CORRUPTION CORRUPTION OFFENCES CORRUPTION PERCEPTION CORRUPTION PERCEPTION INDEX CPI CPI SCORE CRIME CRIMES CRIMINAL CRIMINAL LAWS CRIMINAL LIABILITY CRIMINALITY CURRENCY CURRENCY EXCHANGE DECENTRALIZATION DEPOSIT DEPOSITS DEVELOPING COUNTRY DEVELOPMENT ASSISTANCE DEVELOPMENT BANK DISCLOSURE REQUIREMENTS DISPUTE RESOLUTION DOMESTIC MARKET DUE DILIGENCE ECONOMIC GROWTH ELECTRONIC PAYMENT ELECTRONIC PAYMENT SYSTEMS ENFORCEMENT AGENCIES ENTREPRENEURS EQUALITY EQUIPMENT ETHNIC GROUP EXCHANGE CONTROLS EXPENDITURE EXPENDITURES EXPLOITATION EXTRADITION FIGHT AGAINST CORRUPTION FINANCIAL ASSETS FINANCIAL CRIMES FINANCIAL CRISIS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTELLIGENCE FINANCIAL INTELLIGENCE UNIT FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SECTOR ASSESSMENT FINANCIAL SECTOR REFORMS FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SUPPORT FINANCIAL SYSTEM FOREIGN EXCHANGE FOREIGN FUNDS FOREIGN INVESTMENT FRAUD GANGS GOOD GOVERNANCE GOVERNMENT ASSETS GOVERNMENT BONDS GOVERNMENT FUNDS GOVERNMENT OFFICIALS GROSS DOMESTIC PRODUCT HOLDING HUMAN DEVELOPMENT HUMAN RESOURCES HUMAN RIGHTS INDIRECT IMPACT INEQUALITY INFLATION INFLATIONARY PRESSURES INFORMATION SHARING INFORMATION TECHNOLOGY INSTITUTIONAL INVESTORS INSURANCE INSURANCE INDUSTRY INSURANCE MARKET INSURANCE PENETRATION INTANGIBLE INTEGRITY INTERNAL CONTROL INTERNAL CONTROLS INTERNATIONAL INSURANCE INTERNATIONAL STANDARDS INVESTIGATION INVESTIGATIONS INVESTIGATIVE BODIES INVESTMENT FINANCE INVESTOR CONFIDENCE IRREGULAR INCOME JUDICIAL SYSTEM JUSTICE LANDHOLDERS LANDOWNERS LAW ENFORCEMENT LAWYERS LEADERSHIP LEADERSHIP CODE LEGAL FRAMEWORK LEGAL FRAMEWORKS LEGAL SYSTEM LEGAL SYSTEMS LEVY LIBEL LIFE INSURANCE LIFE INSURANCE COMPANIES LIFE INSURANCE COMPANY LOAN MARKET CAPITALIZATION MARKET INTERMEDIARIES MEDIA MICROFINANCE MICROFINANCE INSTITUTIONS MINISTER MINISTERS MISAPPROPRIATION MONEY LAUNDERING MUTUAL LEGAL ASSISTANCE NATIONAL INTEGRITY NATIONAL INTEGRITY SYSTEMS NEGOTIABLE INSTRUMENTS NOTARIES OFFICE HOLDERS OPEN ECONOMY PATRONAGE PAYMENT SERVICES PAYMENTS SERVICES PENALTIES PENALTY PEOPLES POLICE POLITICAL STABILITY PORTFOLIOS POST OFFICE PROSECUTION PROSECUTOR PROSECUTORS PUBLIC FINANCE PUBLIC FINANCES PUBLIC FUNDS PUBLIC SPENDING PUBLIC-PRIVATE PARTNERSHIPS RAPID ECONOMIC GROWTH REAL ESTATE RECEIPTS REGISTRATION REQUIREMENTS REGULATOR REGULATORS REGULATORY FRAMEWORK REMEDY REMITTANCE REMITTANCE SERVICE REMITTANCES RESERVES RETURN ROBBERIES ROBBERY RULE OF LAW SANCTION SANCTIONS SAVINGS SECONDARY MARKETS SECURITIES SECURITIES EXCHANGE SECURITIES MARKET SEIZURE SETTLEMENT SETTLEMENT SYSTEM SHARE OF ASSETS SHAREHOLDERS STOCK EXCHANGE STRUCTURAL PROBLEM SUPERVISORY AUTHORITIES SUPERVISORY POWERS TAX TAX EXEMPTION TERRORISM THEFT TRADING TRANSACTION TRANSPARENCY TREASURY TREATY TRUSTEES UNION URBAN AREAS VALUE TRANSFER VILLAGE VIOLENCE WIRE TRANSFER Papua New Guinea (PNG) faces very serious risks of Money laundering (ML) from various criminal activities including domestic corruption (misappropriation of public funds), which is considered a serious problem. PNG is experiencing rapid economic growth, very large scale foreign investment and an escalating crime rate. While the Financial Intelligence Unit (FIU) is building its capacity, there is no clear political level commitment to 'follow the money' to tackle corruption and other crimes, and no demonstrated commitment to regulate and supervise AML obligations by financial sector regulators, which severely hampers the authorities ability to tackle financial aspects of corruption. Misappropriation of government funds occurs using government payments which, according to the authorities, are generally placed through the banking sector in PNG and used to purchase real estate, high-value vehicles, distributed in cash or moved offshore. This report provides a summary of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures in place in PNG at the time of the mission or shortly thereafter. The report was produced by the World Bank as part of the Financial Sector Assessment Program (FSAP) of PNG. 2013-02-27T22:28:11Z 2013-02-27T22:28:11Z 2011-07 http://documents.worldbank.org/curated/en/2011/07/16281972/papua-new-guinea-anti-money-laundering-combating-financing-terrorism-mutual-evaluation-report http://hdl.handle.net/10986/12563 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Other Social Protection Study Economic & Sector Work East Asia and Pacific |