Central Banking Act 2000 (as amended 2024)
The Central Banking Act 2000 (as amended) establishes the governance and objectives of the Bank of Papua New Guinea. It sets out the roles and functions of the Board, the Governor and the Deputy Governor(s), defines key committees including the Monetary Policy Committee, and sets out its obligations in reporting to Parliament and citizens. It defines the Bank's independence from Government and sets out its obligations to act transparently and accountably.
As amended in 2024, the objectives of the Bank of Papua New Guinea are:
(a) to achieve and maintain price stability as the primary objective; and
(b) to the extent not inconsistent with Subsection (a) and as secondary objectives -
(i) to ensure financial stability; and
(ii) to promote sustainable medium term economic growth, especially in the non-mineral and non-petroleum sector; and
(iii) to promote the development of the financial sector of Papua New Guinea’s financial system. [Section 7]
Savings and Loan Societies Act 1995
The Savings and Loan Societies Act 1995 (as amended) regulates licensed entities comprising members with the objectives of promoting thrift among members, educating members in financial responsibility, receiving the savings of its members as contributions in the form of savings deposits; and making loans to its members.
Life Insurance Act 2000
The Life Insurance Act 2000 (as amended) sets out the provisions for the licensing, regulation and supervision of companies involved in life insurance business and the activity of life insurance agents. It also has the purpose to support the development of a viable and competitive industry, and provides for the protection of interests of policyholders and prospective policyholders of life policies.
Superannuation (General Provisions) Act 2000
The Superannuation (General Provisions) Act 2000 (as amended) sets out the provisions for the licensing, regulation and supervision of superannuation funds, trustees, investment managers and fund administrators.
Banks and Financial Institutions Act 2000
The Banks and Financial Institutions Act makes provision for the licensing and regulation of banks and licensed financial institutions with the purpose of promoting the stability of the financial system and to protect the interests of depositors of authorised institutions.
National Payments System Act 2013
The National Payments System Act 2013 empowers the Bank to regulate and oversee the national payments system and any specific system, payment services provider or payment instrument partially operating in the country to ensure that users of payment services and instruments are treated fairly and transparently, and to promote the general stability and effective implementation of the financial system in Papua New Guinea
Anti-Money Laundering and Counter Terrorist Financing (AML/CTF) Act 2015
The AML/CTF Act 2015 (as amended) enables the Government of Papua New Guinea to detect and deter money laundering and terrorist financing. It is one of a suite of laws that helps Papua New Guinea meet its international obligations on combating AML/CTF.