AUSTRAC CEO Paul Jevtovic and Papua New Guinea’s Financial Analysis and Supervision Unit (FASU) CEO Benny Popoitai today signed a Memorandum of Understanding (MoU) for the exchange of financial intelligence in Sydney.

Photo: abc.net.au

Minister for Justice Michael Keenan commended the two countries’ commitment to identifying new opportunities for closer regional collaboration.

"Australia has a key role to play in the Pacific, supporting our partners to harden the region against serious financial crime and terrorism financing," Mr Keenan said.

"This MoU is fundamental to strengthening our partnership to identify and prevent the movement of illicit goods or money between our countries."

Mr Jevtovic said AUSTRAC is committed to assisting FASU in strengthening its operational capacity to combat money laundering and terrorism financing.

"As part of this MoU, AUSTRAC and FASU will explore opportunities for a remote analyst exchange program that supports joint operational outcomes," Mr Jevtovic said.

"The objective of the program is to identify and share valuable information relating to suspicious transactions and the illicit flows of money or goods."

PNG FASU Director Benny Popoitai acknowledged Australia’s assistance in supporting PNG to meet FATF

requirements, and welcomed the signing of the MoU with AUSTRAC.

"We value our ongoing partnership with AUSTRAC and the Australian Attorney-General’s Department," Mr Popoitai said.

The financial intelligence will be used to educate Australian and PNG industry and government partners in identifying and addressing common vulnerabilities of illicit transactions.

AUSTRAC now has 87 formal arrangements to share financial intelligence with other countries.