PNG targets 2028 exit from grey list

Papua New Guinea is expected to exit the global grey list by 2028, according to the body tasked with managing the country’s compliance response.

The National Coordinating Committee [NCC] on Anti-Money Laundering and Counter-Terrorist Financing [AML/CTF] confirmed that a comprehensive three-year strategy is underway to address requirements set by the Financial Action Task Force [FATF].

Financial Analysis and Supervision Unit [FASU] director Wilson Onea said the action plan spans 2026 to 2028 and outlines realistic targets for technical and operational compliance.

“The action plan is a three-year action plan which includes 2026, 2027, and 2028,” Onea said.

“It is practical and doable. Based on experience, a country that exits quickly usually takes between 18 months and three years.

“Taking a conservative view, we are targeting 2028.”

Onea was speaking at the 2nd Anti-Money Laundering, Counter-Terrorism Financing, and Counter-Proliferation Financing Conference in Port Moresby.

NCC chairman Dr Eric Kwa likened the country’s multi-layered reform program to a game of strategy, emphasizing that work is taking place across all technical thresholds simultaneously.

“I tell the team about the game Jenga (Sushi Game),” Kwa said.

“You remove the blocks carefully so the structure doesn't collapse.

“The 17 immediate action conditions are at the top, but we also have 42 underlying requirements that we monitor every quarter.

“While we address the top priorities, we are systematically working through the foundational areas as well. We are confident we can achieve this.”