It is my pleasure however to announce at this forum that the first aspect of this reform in the remaining controls on current and capital account transactions will be effective on 01st June 2005, except for the following controls:  2  BIS Review 32/2005  •  Approval involving private capital account contracts between residents and non-residents;  •  Approval to open and operate foreign currency accounts outside Papua New Guinea; and  •  Licensing of authorised dealers and gold exporters.
These controls are still subject to the approval of the Central Bank as required under the Foreign Exchange & Gold Regulation. For those transactions that will be liberalised, they will still require tax clearance, which will now be the responsibility of the authorised dealers and the IRC.