U.S. Treasury partners with Papua New Guinea to tackle FATF grey list challenges

Papua New Guinea’s fight against money laundering received a major boost this month as a delegation from the U.S. Department of the Treasury visited Port Moresby from March 9–13 to provide technical assistance aimed at removing PNG from the Financial Action Task Force (FATF) “grey list.”

PNG was placed on the FATF grey list early this year due to shortcomings in its anti-money laundering and counter-terrorism financing framework.

PNG and other countries on the grey list face heightened international monitoring, which can slow financial transactions, discourage investment, and erode confidence in their financial systems.

Exiting the list requires demonstrating robust reforms, stronger enforcement, and effective interagency cooperation and that’s where the US Department of Treasury have stepped in to assist.

During the week-long mission, the U.S. Treasury team held productive meetings with Treasurer Ian Ling-Stuckey, Police Minister Sir John Pundari, and key agencies including the Financial Analysis and Supervision Unit (FASU), the Office of the Public Prosecutor, PNG Customs, the PNG Forest Authority, the Internal Revenue Commission, the Independent Commission Against Corruption, and the Bank of PNG.

The delegation offered technical expertise to support PNG’s ambitious reform agenda and concluded with a roundtable discussion on strengthening partnerships in anti-money laundering efforts.

Treasurer Ling-Stuckey and Police Minister Pundari both expressed strong support for the collaboration, with Pundari emphasizing the critical role of law enforcement in combating financial crime.

The US government believes that with renewed political commitment, interagency cooperation, and U.S. technical assistance, Papua New Guinea is well-positioned to make significant progress toward exiting the FATF grey list and restoring international confidence in its financial system.