PNG money laundering - 59 charged over corruption, alleges Today Tonight

By James Thomas of Today Tonight

Billions of dollars in foreign aid going to PNG are being siphoned off by corrupt politicians and officials - and into Aussie companies.

The Australian property market, casinos, and the banks are playing host to millions of dollars in foreign aid allegedly being siphoned off by corrupt Papua New Guinea politicians and officials.

The money trail ends up in Australian companies, caught up in the multi-million dollar corruption ring.

Sam Koim, head of PNG's Anti-Corruption Task Force, is on a mission to lift the lid on billions of dollars of dirty money leaving PNG to be laundered in Australia.

About 59 people have already been charged with corruption offences in PNG, and it is alleged much of their illegally obtained money is spent in Cairns.

Koim says Australia contributes about $500 million to the PNG budget, and 40 percent of that budget is lost to corruption annually.