PNG Central Bank Chief Appointed Amid Money Laundering Investigation

An investigative report details that Papua New Guinea’s central bank governor, Elizabeth Genia, was under police investigation for suspected money laundering and a contentious 2017 firearms procurement, efforts she sought to halt in court before the case was dismissed in April 2024. The piece highlights broader governance challenges, including FATF’s warning of potential grey listing, internal strife following the departure of former acting head Benny Popoitai—whose financial intelligence unit initially flagged suspicious activity—and a prior confrontation with Puma Energy over alleged money laundering tied to foreign currency transfers. The report underscores mounting concerns about the credibility and stability of PNG’s financial sector.