Asia and Pacific > Papua New Guinea

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  • Tax Evasion and Avoidance x
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Ms. Alison Stuart, Jihad Alwazir, Ms. Yan Liu, Mr. Scott Roger, Mr. Si Guo, Chau Nguyen, Mr. Emmanuel Mathias, and Mr. Jonathan Pampolina
The paper looks at feasible concrete action that can be taken by correspondent and respondent banks, money transfer operators, the Pacific authorities, the Australian and New Zealand authorities, and international organizations.
Jihad Alwazir, Mr. Fazurin Jamaludin, Dongyeol Lee, Niamh Sheridan, and Ms. Patrizia Tumbarello
Access to financial services in the small states of the Pacific is being eroded. Weaknesses in Anti-Money Laundering and Combating the Financing of Terrorism compliance in the context of high levels of remittances are contributing to banks’ decisions to withdraw corresponding banking relationships and close bank accounts of money transfer operators. In this paper, we gather evidence on these developments in the small states of the Pacific, discuss the main drivers, and the potentially negative impact on the financial sector and macroeconomy. We then identify the collective efforts needed to address the consequences of withdrawal of corresponding banking relationships and outline policy measures to help the affected countries mitigate the impact.
Mr. Ved P. Gandhi, Mr. Liam P. Ebrill, Mr. Parthasarathi Shome, Mr. Luis A. Manas Anton, Jitendra R. Modi, Mr. Fernando J. Sanchez-Ugarte, and Mr. George A Mackenzie

Abstract

Written by Ved P. Gandhi, Liam P. Ebrill, George A. Mackenzie, Luis Mañas-Antón, Jitendra R. Modi, Somchai Richupan, Fernando Sanchez-Ugarte, and Parthasarathi Shome, this book contains 12 articles. It examines the relevance to developing countries of the tax policy recommendations of supply-side economists and attempts to delineate policy guidelines to ensure that fiscal management enhances rather than inhibits growth and efficiency in the wider economy.