Core Viewpoint - The Prime Minister of Papua New Guinea, Marape, has publicly addressed the risk of being placed on the financial regulatory "grey list" by international organizations, emphasizing the government's proactive measures to respond and a commitment to exit the list as quickly as possible [1] Group 1 - Papua New Guinea is facing the possibility of being included in the "grey list" related to anti-money laundering and counter-terrorism financing, which is a global challenge faced by many countries [1] - A cross-agency special task force led by the central bank and the Ministry of Justice has been established to address this issue, with recent activities including a seminar in Thailand [1] - The government aims to improve seven key compliance indicators domestically, most of which have been implemented, with remaining tasks focusing on strengthening law enforcement, particularly in combating money laundering [1] Group 2 - The Prime Minister has issued directives to the police department, the Independent Commission Against Corruption, and the Ombudsman to take immediate action against money laundering without delay [1]

Core Viewpoint - AUSTRAC is intensifying regulatory actions against the crypto ATM sector, exemplified by the fine imposed on Cryptolink for compliance failures in anti-money laundering and counter-terrorism financing [1][2][3] Regulatory Actions - AUSTRAC has fined Cryptolink 56,340 Australian dollars ($37,000) due to identified weaknesses in its AML/CTF compliance [1] - The agency has mandated Cryptolink to engage third-party auditors to ensure all required transactions are reported and that effective controls for large cash transactions are in place [2] Industry Context - The enforcement actions follow the Australian government's proposal to grant AUSTRAC new powers to combat illicit activities associated with crypto ATMs [3] - AUSTRAC's Crypto Taskforce estimates that 85% of transactions by the 90 most prolific users of crypto ATMs are linked to scams and other illegal activities [3] Operational Insights - Crypto ATMs facilitate the purchase of cryptocurrency using cash or bank cards, but they are often exploited by scammers [4] - There are currently 2,024 crypto ATMs in Australia, a slight decrease from approximately 2,100 earlier in the month, indicating potential effectiveness of AUSTRAC's new powers [5]