Following a productive Anti-Money Laundering Banking Forum that was held recently, the Independent Commission Against Corruption (ICAC), Transparency International Papua New Guinea (TIPNG) and Kina Bank are reaffirming their commitment to tackling corruption and money laundering in Papua New Guinea (PNG). Mr. Daniel Baulch, Deputy Commissioner of Operations at ICAC, emphasised the significance of this initiative, stating, ICAC is fully aware of the destructive impact that corruption has on our country, and that corruption diverts crucial public funds that could otherwise support vital services, damage the business environment, and erodes public trust. “Money laundering, as a direct consequence of corruption, continues to be a major challenge for Papua New Guinea.” “Through the forum, we are strengthening our collaboration with the banking sector to identify and confront this issue head-on.” Baulch highlighted that ICAC, in partnership with the banking sector, is taking significant steps toward improving the country’s effectiveness in tackling money laundering. “The financial sector plays a crucial role in investigating corruption and preventing money laundering, thus by working together, we can gain access to critical financial documents, banking records, and other data that enable us to carry out investigations and bring perpetrators to justice.” The recent forum was attended by senior representatives from most major banks in the country, including the Kina Bank CEO and Chief Risk Officer. It focused on the role the banking sector plays in both facilitating and combating money laundering initiatives. The discussions provided valuable insights into the challenges faced by financial institutions and offered an opportunity to further encourage their compliance with anti-money laundering protocols and their support for ICAC's investigative efforts. Kina Bank valued the opportunity to participate in the recent ICAC Banking Sector Forum and commend the ongoing efforts on transparency and integrity in the financial sector. Kina Bank's involvement highlights its commitment to support the strengthening of governance that will help create a stable and secure economic environment in PNG. Kina Bank continues to collaborate with ICAC and remains committed to sustaining PNG’s financial hub. The forum also addressed Papua New Guinea’s ranking on the 2024 Corruption Perceptions Index (CPI), which scored Papua New Guinea 31 out of 100. Ms. Arianne Kassman, CEO of TIPNG, noted, that the CPI and the recent Financial Action Task Force (FATF) assessment show that we are not making enough progress in the fight against corruption. “While we have laws and policies in place, what is lacking is the proper enforcement and implementation of these measures. It is imperative that we all take meaningful action to address corruption.” Kassman emphasised the need for a collective effort between civil society, the private sector, and the government to combat corruption more effectively. “Today, we offered the banking sector insights into how civil society can be an active partner in this work, and it is crucial that we are part of these conversations, not only to understand the complexities of the issue but to also communicate the importance of tackling corruption to the public, who are the most affected.” Both ICAC and TIPNG are committed to advancing a systemic, whole-of-country approach to combating money laundering and corruption. Meanwhile, Baulch stressed, “We must be serious and united in this effort. Corruption is systemic, and money laundering is also systemic, if we don’t work together, we will continue to face significant challenges now and in the future.” The organizations look forward to continuing their dialogue with the banking sector and other stakeholders to make meaningful progress in combating corruption and money laundering in Papua New Guinea.