Bank of Papua New Guinea (PNG) Port Moresby, Papua New Guinea > Circular > Circular – BPNG-FASU-002/2023

Circular – BPNG-FASU-002/2023

REF: BPNG-FASU-002/2023

17 May 2023

Circular Notice To:

Registered Reporting Entities (i.e. Financial Institutions and Designated Non-Financial Business or Professions) under Anti-Money Laundering and Counter Terrorist Financing Act 2015

PAPUA NEW GUINEA SANCTIONS SECRETARIAT

The Financial Analysis and Supervision Unit (FASU) of the Bank of Papua New Guinea informs that the Papua New Guinea Sanctions Secretariat is located within the Office of the Security Coordination and Assessment which is part of the Department of Prime Minister and National Executive Council (PM&NEC) and is the Secretariat to the National Security Advisory Committee. Its establishment is in accordance with Section 25 of the United Nations Financial Sanctions Act 2015 (Sanctions Act).

Whilst its responsibilities are to prevent terrorism, proliferation of weapons of mass destruction and other matters of international concern through targeted financial sanctions, the Sanctions Secretariat office has its challenges.

However, sanctions information can be accessed through the Sanctions Secretariat website via the following link https://www.pngsanctionssecretariat.gov.pg. The website provides updated information on sanctions-related matters and guidelines for compliance with sanctions regimes.

FASU encourages all registered Reporting Entities (REs) to regularly visit the Sanctions Secretariat website and stay updated on sanctions related matters to ensure compliance with relevant laws and regulations. Alternatively, FASU recommends the following international sanctions list.

In terms of reporting instances of positive matches against international sanctions list, registered REs are required to submit a suspicious matter report to FASU in accordance with Section 41 of the Anti-Money Laundering and Counter Terrorist Financing Act 2015.

Any sanctions related queries or concerns, please reach out to Mr. Kyrill Bland, Coordinator – PNG Sanctions Office, as he is the point of contact for the Sanctions Secretariat. You can contact him via email at [email protected]. For further information, you may contact FASU via email at [email protected] or [email protected]

Yours sincerely,

Wilson Onea
Acting Director
Financial Analysis and Supervision Unit

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