The Independent Commission Against Corruption (ICAC) and the Securities Commission of Papua New Guinea (SCPNG) have formalised a strategic partnership to strengthen the fight against corruption within the nation’s capital market.
Through a Memorandum of Understanding (MoU)signed today in Port Moresby, both agencies will collaborate to share timely and relevant information, enabling faster detection and response to financial crimes, fraud, market manipulation, and other corruption risks. This initiative aims to reduce delays caused by administrative processes and enhance regulatory efficiency.
The MoU also supports PNG’s compliance with Financial Action Task Force (FATF) standards, which emphasise inter-agency cooperation to prevent and combat money laundering and related financial crimes.
ICAC Acting Commissioner, Thomas Eluh, highlighted the significance of the partnership:
“This MoU reinforces ICAC’s commitment to building strong collaborative relationships with SCPNG as a key regulatory and enforcement body within the capital market. Access to timely and accurate information is critical in detecting corrupt conduct and tracing illicit financial activity.”
Acting CEO of SCPNG, James Joshua, echoed similar sentiments, noting that the agreement represents a forward-looking approach to regulatory cooperation:
“This MoU strengthens our collective ability to address corruption risks across the broader financial system. Beyond information sharing, we aim to build capacity and enhance joint operational efforts.”
The partnership reflects a whole-of-government approach to promoting transparency, safeguarding public resources, and reinforcing national resilience against corruption.
Report corruption through the following channels:
- In person: Central Government Office, Tower B, Melanesian Avenue, Waigani
- By post: PO Box 353, Vision City, Waigani
- Email: complaints@icac.gov.pg
- Phone: 300 7500
Complaint forms can be accessed here: https://www.icac.gov.pg/operations/