In February, the Financial Action Task Force added Papua New Guinea to its “grey list” of jurisdictions under increased monitoring. In this exclusive opinion piece for Business Advantage PNG, John Burke, an expert in AML/CTF compliance for PNG, shares how businesses can maintain their banking relationships and stay ahead of the regulator.
Papua New Guinea’s greylisting by the Financial Action Task Force, the potential re-emergence of forex supply issues and the trickle-down effects of war in the Middle East are all reminders that PNG is increasingly connected to the global economy – for better or worse.
Papua New Guinea is expected to join 20 other jurisdictions on the intergovernmental Financial Action Task Force’s ‘grey list’ in February 2026. However, CEOs in the banking sector tell Business Advantage PNG they are confident they can manage the situation, and are optimistic it will lead to reforms.
Papua New Guinea’s financial year is almost over and there are many green shoots appearing in the economy. At the same time, business needs to be ready for some significant changes in the new year.
At this stage, it appears that Papua New Guinea will likely be greylisted by the Financial Action Task Force in early 2026. Zanie Theron, Partner-in-Charge of KPMG’s South Pacific practice, shares what PNG has done so far on greylisting, and the steps the country still must take to address this very serious risk.
Herbert Maguma, Managing Partner at Deloitte PNG, speaks with Business Advantage PNG about how investments in digital channels and AI are reshaping Papua New Guinea’s financial services sector. He also goes into detail about the likely impact of a financial greylisting on the PNG economy.
Late in 2024, a 226-page report by the global Financial Action Task Force was quietly published online that may, according to the experts, have a significant impact on Papua New Guinea’s banking and finance system. Business Advantage PNG takes a closer look.