Papua New Guinea

Featured Papua New Guinea

PNG bank money laundering concerns grow

Papua New Guinea’s premier lender, the ASX-listed Bank of South Pacific (BSP), has warned “further compliance issues” may be uncovered by the country’s financial watchdog after it received a formal warning about its anti-money laundering program. The bank told the ASX on Wednesday its head of compliance had met with… Read More

NAB and CBA exposed over Bank of South Pacific money laundering breaches

The largest lender in the Pacific, BSP Financial Group, has been ordered to remove senior managers following breaches of anti-money laundering laws in Papua New Guinea, putting further pressure on Commonwealth Bank of Australia and National Australia Bank to cut ties with the troubled institution. BSP, which listed on… Read More

NAB, CBA face money laundering probe over correspondent ties

The Commonwealth Bank of Australia and National Australia Bank are again under scrutiny for their compliance with anti-money laundering laws, after an investigation into one of their partners is set to result in sanctions being imposed in Papua New Guinea. BSP Financial Group, which listed on the ASX last month… Read More
2nd June 2021
When COVID-19 emerged in early 2020 in Southeast Asia, its governments took rapid containment actions: lockdowns, travel restrictions and trade suspensions, alerting the public about the virus. The pandemic has also put illegal or unsustainable wildlife trade under the spotlight due to enhanced restrictions on movement and increasing awareness about… Read More
11th September 2020
Westpac chief Peter King said the consequences of breaching anti-money laundering laws are so large that the bank can’t guarantee it will be able to continue to provide remittance services for workers in Australia looking to send money home to the Pacific. Briefing the House of Representatives economics committee on… Read More
25th May 2020
Papua New Guinea police have arrested former prime minister Peter O’Neill over the alleged purchase of generators from Israel without parliamentary approval. O’Neill was arrested on Saturday at the main airport of Port Moresby, PNG’s capital, after returning from Australia, and brought in for questioning, assistant crimes commissioner Hodges… Read More
14th April 2020
A Brisbane house and three Australian banks are now at the centre of a money laundering probe into a $US10.3 million payment made by the ASX-listed Horizon Oil to a company linked to a senior minister in Papua New Guinea. The Australian Financial Review has been told Westpac… Read More
10th February 2020
A nine-year-old payment in Papua New Guinea is threatening to derail the Australian-listed Horizon Oil, after it repeatedly ignored corruption warnings and paid $US10.3 million ($15.4 million) to an unknown shell company. Lawyers working on the 2011 deal flagged links to PNG’s then petroleum minister William Duma and warned an… Read More
9th September 2019
New Zealand is in talks with Australia to lower hefty money transfer fees in several Pacific Island countries, as “stubbornly high” costs strain the region’s economies and hamper UN targets. Remittances are a key source of earnings for many Pacific families who have relatives working abroad and the intervention comes… Read More
2nd August 2018
Australia’s ClearView Wealth Ltd, a wealth management product provider, said on Wednesday it was informed that an independent non-executive director was arrested in Papua New Guinea. The director was arrested and charged with one count of conspiracy to defraud by the National Fraud & Anti-Corruption Directorate of the Royal Papua… Read More
7th August 2017
Papua New Guinea is adamant on staying off the Financial Action Task Force (FATF) Money Laundering and Counter Terrorist Financing-grey list. The country was grey-listed in 2011/2012 but with help got out in June 2016. To enhance these efforts an agreement was signed last Friday between the recently established… Read More
6th December 2016
The former head of Papua New Guinea's anti-corruption body has lost his two-year court battle to keep his job and maintain the taskforce. Read More
14th September 2016
Police in Papua New Guinea’s capital have arrested a former MP and government minister Gabriel Kapris on various corruption charges Mr Kapris is implicated for two counts of misappropriation of property, two counts of abuse of public office, one count of stealing by false pretence and one count of conspiracy… Read More