THE HEAD of an independent policy think tank in Papua New Guinea says the police are desperately under-resourced to deal with corruption and need the banking sector to play its part in stopping illegal transactions.
The Institute of National Affairs’ director, Paul Barker, says the police’s Financial Intelligence Unit only has a handful of staff and the new government needs to allocate more resources to halt money laundering and financial fraud with public funds.
He says the banks and police must work together to avoid banking becoming a bottleneck to the country’s growing commerce.
He says greater co-operation and interaction between the police and the banking sector is needed to minimise illegal transactions and catch the perpetrators.
“The rules have been to some extent announced by the police,” Mr Barker said, “the banks feel that it’s just been a burden thrust on them without consultation and hopefully over the next week or two there’ll be some sort of dialogue that will be opened up.
“Positions will be clarified, dialogue will occur and there’ll be some sort of resolution of this.”
Source: Radio New Zealand International