​PNG Reaffirms Commitment to Reforms After Accepting Grey Listing Findings

​PNG Reaffirms Commitment to Reforms After Accepting Grey Listing Findings /File Photo

In response to its grey listing financial assessment, Papua New Guinea has reaffirmed its commitment to reforms aimed at improving economic transparency and strengthening safeguards against financial crime.

Prime Minister James Marape said the PNG Government accepts the findings in full and will take decisive action to address all identified issues, stressing that the focus will remain on solutions rather than past shortcomings.

He said it would be counterproductive to grow the economy while allowing systemic leakages to persist, highlighting the need for stronger compliance measures and tighter regulatory oversight.

The Government has already initiated reform coordination through a high-level mechanism involving major financial and regulatory agencies to ensure timely execution of outstanding recommendations.

Marape also clarified that institutions responsible for enforcement and oversight operate independently under the Constitution and are tasked with identifying and acting on weaknesses within the system.

He said most of the recommendations tied to the grey listing assessment have been addressed, with remaining measures now aligned with the Government’s reconstruction and economic strengthening agenda.

“There is no point in working hard to grow the economy if there are leakages in the system,” he said. “We must ensure there is no money laundering, no illegal transactions and no financing of criminal or terrorist activity.”

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