ENFORCING ANTI-MONEY LAUNDERING AND COUNTER TERROIST FINANCING (AML/CTF) GUIDELINES AT THE CAPITAL MARKET.
The fight against Money Laundering and Terrorist Financing is global phenomena in which Securities Commission of Papua New Guinea (SCPNGSCPNG Securities Commission of Papua New Guinea) is of no exception. Transnational criminal activities are constantly evolving and crippling economies and corrupting financial systems of many countries around the world. Countries are obligated to amend their laws and regulations in line with global standards to combat new threats and rectify vulnerabilities surrounding complexity of global network of criminal activities.
The SCPNG is a member to National Co-ordinating Committee (NCC) to address and combat AML CTF Issues with the capital market front. NCC was set up by Department of Justice and Attorney General (DJAG) and Financial Analysis Supervision Unit(FASU) in compliance with the Proceeds of Crimes and Anti-Money Laundering Act with other fifteen (15) state agencies. NCC developed a National Strategic Plan 2018 – 2023 (Strategic Implementation Plan (SIP)) which are currently implemented by Technical Working Group (TWG) by each state agency. They are required to provide status report on a quarterly basis. The Commission will undertake drastic measures to address AML CTF issues in the following manner;
- Full Disclosure of cliental identification and checks in terms of individual and entity.
- Reason for Investment and source of funds disclosure
- Market monitoring in real time monitor trading by “red flagged” entities or individuals.
- Suspected cases be referred to FASU for further actions
- Regulatory Compliance check in terms of registered entities
- Periodic financial disclosure on financial performances and position and
- Change in top management, BOD and shareholding of regulated entities