11 April 2025, Geneva, Switzerland — The United Nations Institute for Training and Research (UNITAR) and the Financial Analysis and Supervision Unit (FASU) of the Bank of Papua New Guinea (BPNG) have signed a Memorandum of Understanding (MoU) on 02 April 2025 to enhance anti-money laundering (AML), countering the financing of terrorism (CFT), and countering proliferation financing (CPF) efforts in Papua New Guinea.

The MoU establishes a framework for cooperation to develop training programmes, knowledge-sharing initiatives, and capacity-building activities to strengthen financial crime prevention. This partnership aims to improve the detection and prevention of illicit financial flows, support compliance with international financial standards, and promote transparency within Papua New Guinea’s financial sector.

Through this partnership, we aim to strengthen the financial integrity of Papua New Guinea by equipping key stakeholders with the skills and knowledge necessary to combat financial crimes effectively. - Mihoko Kumamoto, Director, UNTAR Division for Prosperity

FASU is committed to enhancing Papua New Guinea’s AML/CFT/CPF framework, and this collaboration with UNITAR will provide valuable expertise and training to bolster PNG’s financial crime prevention efforts. - Mr. Wilson T. Onea, Director, FASU, Bank of Papua New Guinea

Key areas of collaboration under the MoU include:

• Specialized Training and Capacity Building: Development of targeted training programmes for financial analysts, compliance officers, and law enforcement personnel.
• Best Practice Sharing: Exchange of expertise and methodologies with international financial intelligence units (FIUs) to improve suspicious transaction reporting and financial crime investigation.
• Workshops and Conferences: Organization of in-person and virtual events to strengthen AML/CFT/CPF capabilities among financial institutions and regulators.
• Research and Policy Development: Joint studies on financial crime trends, illicit financial flows, and regulatory enhancements to improve compliance frameworks.
• Enhanced Risk Assessment: Support for the development and refinement of Papua New Guinea’s AML National Risk Assessment (NRA).

The MoU underscores UNITAR and FASU’s commitment to fostering financial transparency, strengthening regulatory frameworks, and combating illicit financial activities in Papua New Guinea and the broader region.