WELLINGTON: A Papua New Guinea bank says its checks and balances have stopped 47 million US dollars worth of fraudulent payments from the government system in the past 18 months.
The bank’s general manager of paramount banking, Aho Baliki, who heads the division which handles the government’s accounts with the bank, says the system has enabled the detection and prevention of the theft of large amounts of public money.
He told the newspaper, The National, that a cheque clearance process recently brought in has proved effective.
Mr Baliki says the bank requires the presentation of payment confirmation letters when making cheque deposits into business and private accounts, and verification signatures of payees, and the availability of funds.
