Papua New Guinea - Anti-Money Laundering and Combating the Financing of Terrorism : Mutual Evaluation Report
MUTUAL LEGAL ASSISTANCE
SHARE OF ASSETS
LIFE INSURANCE COMPANIES
FINANCIAL INTELLIGENCE UNIT
CORRUPTION PERCEPTION INDEX
FINANCIAL SECTOR ASSESSMENT
ELECTRONIC PAYMENT SYSTEMS
RULE OF LAW
GROSS DOMESTIC PRODUCT
BANK FINANCE COMPANIES
NATIONAL INTEGRITY SYSTEMS
FIGHT AGAINST CORRUPTION
LIFE INSURANCE COMPANY
ACCESS TO RESOURCES
RAPID ECONOMIC GROWTH
CENTRAL SECURITIES DEPOSITORY
FINANCIAL SERVICE PROVIDERS
ACCESS TO INFORMATION
BANKING SECTOR ASSETS
FINANCIAL SECTOR REFORMS
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AbstractPapua New Guinea (PNG) faces very serious risks of Money laundering (ML) from various criminal activities including domestic corruption (misappropriation of public funds), which is considered a serious problem. PNG is experiencing rapid economic growth, very large scale foreign investment and an escalating crime rate. While the Financial Intelligence Unit (FIU) is building its capacity, there is no clear political level commitment to 'follow the money' to tackle corruption and other crimes, and no demonstrated commitment to regulate and supervise AML obligations by financial sector regulators, which severely hampers the authorities ability to tackle financial aspects of corruption. Misappropriation of government funds occurs using government payments which, according to the authorities, are generally placed through the banking sector in PNG and used to purchase real estate, high-value vehicles, distributed in cash or moved offshore. This report provides a summary of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures in place in PNG at the time of the mission or shortly thereafter. The report was produced by the World Bank as part of the Financial Sector Assessment Program (FSAP) of PNG.
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Anti-money Laundering and Combating the Financing of Terrorism : PakistanWorld Bank (Asia/Pacific Group on Money Laundering and World Bank, 2009-07-09)This assessment of the anti-money laundering (AML) and combating the financing of terrorism (CFT) regime of Pakistan is based on the Forty Recommendations 2003 and the Nine Special Recommendations on Terrorist Financing 2001 of the Financial Action Task Force (FATF), and was prepared using the AML/CFT assessment Methodology 2004, as updated in February 2008. The assessors reviewed the institutional framework, the relevant AML/CFT laws, regulations, guidelines and other requirements, and the regulatory and other systems in place to deter and punish money laundering (ML) and the financing of terrorism (FT) through financial institutions and Designated Non-Financial Businesses and Professions (DNFBP). The assessors also examined the capacity, implementation, and effectiveness of all these systems. This report provides a summary of the AML/CFT measures in place in Pakistan at the time of the mission or shortly thereafter (no later than March 26th, 2009). It describes and analyzes those measures, sets out Pakistan levels of compliance with the FATF 40+9 Recommendations, and provides recommendations on how certain aspects of the system could be strengthened.
Anti-Money Laundering and Combating the Financing of Terrorism : MaliWorld Bank (GIABA and the World Bank, Washington, DC, 2008-09-18)This assessment of the Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT) regime in Mali was conducted on the basis of the Forty Recommendations of 2003 and the Nine Special Recommendations on the financing of terrorism drawn up in 2003 and 2001, respectively, by the Financial Action Task Force (FATF), and on the AML-CFT Methodology of 2004. The assessment was based on the laws, regulations, and other materials supplied by community institutions (in particular the Central Bank of West African States (BCEAO), the Banking Commission of the West African Economic and Monetary Union (BC-WAEMU) and the Inter-ministerial Group for Action Against Money Laundering in West Africa (GIABA)) and by the national authorities of Mali, as well as the information gathered in the course of the country visit from February 4 to 14, 2008. During its visit, the assessment team met with the managers and representatives of all the relevant government agencies and the private sector. This report provides a summary of the AML/CFT measures in force in Mali as at the date of the on-site visit or immediately thereafter. It describes and analyzes those measures, and makes recommendations on how certain aspects of the system could be strengthened. It also sets out Mali's level of compliance with the FATF 40+9 Recommendations.
Financial Sector Assessment : MalaysiaWorld Bank (Washington, DC, 2013-03)Malaysia, as many of its Asian
neighbors, experienced significant macro/financial distress
in the late 1990s. The transformed and strengthened
financial sector has been able to weather the recent global
financial crisis well. Financial market intermediaries
reliance on cross-border and interbank funding remains
limited. Banking institutions are well capitalized and are
expected to be able to meet Basel three capital requirements
comfortably by the 2019 implementation deadline. Asset
quality has improved significantly over the last 5 years and
banks are profitable, with low cost-to-income ratios
compared to regional peers. The authorities have taken steps
to monitor and mitigate the potential significant risks of
recent rapid loan growth. The regulatory and supervisory
regimes for banking, insurance and securities are well
developed and exhibit a high degree of compliance with
international standards. Government equity holdings in the
financial sector, both direct and indirect, are extensive.
Further development of the domestic Islamic financial system
presents both opportunities and challenges.