Café pacific – david robie _ media freedom and transparency_ png money laundering – 59 charged over corruption, alleges today tonight

“The dirty money is then moved from the Australian banks to Australian-based businesses, and then from the companies the money disappears,” Koim said.

Koim said his anti-corruption task force is particularly interested in a transaction of $45 million belonging to the people of PNG into an Australian bank.

In July 2009, $45 million was deposited at the Lismore Branch of the Commonwealth Bank into an account owned by a company named Woodlawn Capital.

The money trail begins in PNG with the government-owned Motor Vehicle Insurance Limited (MVIL). Definition of money laundering They owned shares in the Bank of South Pacific, which they used to take out a loan to raise roughly $45 million.

According to the PNG government this all took place without the approval of the board that authorises these transactions, The Independent Public Business Corporation (IPBC). What do you understand by money laundering acca Without the IPBC’s approval the transaction is illegal in PNG.

The newly elected PNG government are accusing the authors of the deal, and the recipients of the cash in Australia as being thieves, engaged in an elaborate scheme to funnel money offshore.

A money laundering expert at the Griffith University, Professor Jason Sharman, says the responsible minister for the $45 million was Arthur Somare, son of former PNG Prime Minister, Sir Michael Somare.

“There’s such a thing called due diligence, and I would have expected that during a DD process, that someone would have given us a call,” he added.

The Commonwealth Bank said in a statement that they were unable to comment on this specific transaction, but said that: “We can confirm generally, that the bank systematically reviews transactions including those of significant value.”

The PNG government has alleged that Arthur Somare is the beneficiary of corruption, and have asked him to account for the $45 million that allegedly went missing on his watch.

The PNG government recalled the $45 million from Woodlawn Capital’s directors Tim McNamara and Tim Breen, accusing them of stealing the proceeds of an illegal deal.

He claims that he and his partner had no idea that the funds came from an illegal transaction, and that everything they did at their end was above board.

Australia’s Anti-Money Laundering Agency, AUSTRAC, has stated before the Senate in 2008 that corruptly obtained money that gets laundered in Australia are a serious problem that they face, particularly those coming from PNG and the Pacific Region.

The Minister for Justice and Home Affairs has spoken directly with AFP Commissioner Tony Negus about the allegations, and has sought further advice on the details of the claims.

The Attorney-General has tasked the Secretary of his Department and the Vice-President of the Financial Action Taskforce, Roger Wilkins, to assist the Australian Transaction Reports and Analysis Centre in examining these specific allegations. Definition money laundering Mr Wilkins will advise the Government on any further action required following the election.

Australia’s law enforcement agencies already work closely with Papua New Guinea authorities, including to help build PNG police anti-fraud and anti-corruption capacity.

Australia’s foreign aid to Papua New Guinea is not paid to the PNG Government, but to internationally recognised Non-Government Organisations such as the United Nations and the World Health Organisation. Money laundering news articles These organisations have globally recognised standards for accounting and anti-fraud controls.