PNG’s Path to Global Compliance: Tax Transparency Meets Financial Integrity
- Jan 16
- 1 min read
Updated: May 30
21 November, 2025; Port Moresby: Papua New Guinea is advancing its commitment to international standards through the implementation of the Automatic Exchange of Financial Account Information (AEOI) under the OECD’s Common Reporting Standard (CRS). This work is guided by the Global Forum on Tax Transparency and directly complements the Financial Action Task Force (FATF) recommendations.
Why does this matter?
The Global Forum promotes tax transparency to combat offshore tax evasion.
FATF sets standards to fight money laundering and terrorist financing.
Together, these frameworks strengthen financial integrity and protect economies from illicit flows.
Complements the Internal Revenue Commission’s (IRC’s) data-driven tax compliance where PNG residents financial account information held offshore will now be accessible.
What is IRC’s role:
Leading CRS legislation and system implementation for PNG’s first AEOI exchange in 2027.
Aligning tax transparency with FATF principles on beneficial ownership, customer due diligence, and international cooperation through the CRS legislation.
Driving reforms that will help PNG exit the FATF grey list and restore global confidence.
In concluding, Commissioner Loi reiterated that, "This is more than compliance – it is about building trust, attracting investment, and ensuring fairness for all Papua New Guineans. Collaboration with financial institutions and government agencies is key to the successful implementation of this initiative."
