The Sanctions Secretariat is established pursuant to the passage of the suite of Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) laws specifically the United Nations Financial Sanctions Act (Sanctions Act) 2015.
The outset of the AML/CTF legislative frameworks derived from various international instruments with the key instrument being the Financial Action Task Force (FATF) Recommendations on AML/CTF.
The FATF Recommendations or Standards were developed by an inter-governmental body or “policy making body” charged with the responsibility of ensuring that the integrity of the international financial system is preserved. The FATF standards extends beyond catalysing national legislative and regulatory reforms promoting effective implementation of the legislative and regulatory reforms and operational measures to combat money laundering and terrorist financing.
The members of FATF also include associate regional bodies such as the Asia Pacific Group on Money Laundering (APGML). The APGML was established in February 1997 and is responsible for promoting the adoption, implementation and enforcement of the FATF standards within the region.
PNG became a member of the APGML in 2008 which automatically became affiliated to the FATF and in becoming a member was subject to the implementation of the FATF Standards on AML/CTF. One of the key standards that PNG needed to implement was to provide adequate legislative frameworks to curb AML/CTF. In 2015, PNG passed a suite of AML/CTF laws one of which is the Sanctions Act 2015 which establishes the Sanctions Secretariat as the authority for regulating TF within the AML/CTF regime.
FUNCTIONS OF THE SANCTIONS OF THE SECRETARIAT
The Sanctions Secretariat (the Secretariat) is established under section 25 of the Sanctions Act as the Secretariat to the National Security Advisory Committee (NSAC) established within the Department of Prime Minister and National Executive Council
In its administration of the Act, the functions of the Secretariat are set out under s.25 of the Act. These include:
- Issuing Notification of designation and revocation; and
- Maintaining an up-to-date Consolidated List of all persons and entities that are designated under the Act –This is available to the public ; and
- Issuing public guidance documents to promote and assist compliance with the Act; and
- Facilitating the sharing of information with other agencies or bodies ; and
- Providing and specifying the necessary forms and notices in the implementation of the Act; and
- Receiving reports from FASU under the AML/CTF Act