Lithuania is in 38th place and Estonia is in 21st place.
In the latest rankings, New Zealand took the first position with a score of 89 per cent. Syria, South Sudan and Somalia, meanwhile, ranked lowest in the index, scoring 14, 12 and 9 respectively.
The Republic attained a score of 84 in graft watchdog Transparency International's Corruption Perceptions Index for 2017.
Saying the local index should be implemented independently by experts and academicians, he added that the proposal will be presented to the Anti-Corruption Advisory Board soon before it is brought to the Cabinet within three months.
The United States now sits in 16th place with a score of 75.
Singapore was ranked the least corrupt country in the Political and Economic Risk Consultancy's 2017 Report on Corruption in Asia - a position it has held since 1995. More information is available at the Transparency International website. The report gives a snapshot of perceived corruption throughout the globe, by assigning a score out of 100 to each country.
The UAE improved its score on the index from 66 in 2016 to 71 in 2017, securing its position as the best performing Arab nation in the Middle East and North Africa (Mena) region.More news: Dirk Nowitzki On Mavs Sexual Misconduct Allegations: "Truly Disgusting"
This year, the index found that more than two-thirds of countries scored below 50, with an average score of 43. Last year, it was ranked 113th out of 176 countries and territories with a score 33, an improvement from 31 in 2012.
The report addressed Bangladesh's lacking in regard to addressing high-profile corruption, unabated land, river and water body grabbing, weakening accountable institutions, denial syndrome, impunity and shrinking media and civil society space.
Transparency International (TI) has found that a majority of countries in the world can be called corrupt, with a clear link between high levels of corruption and little protection of the media and civil society groups.
"Just past year, Yameen Rasheed, an outspoken critic of the Maldives government was murdered for his efforts to uncover the truth about the disappearance of journalist Ahmed Rilwan" Transparency stated.
Deputy Prime Minister Charles Abel said he accepted PNG's ranking on the index and acknowledged that much more needed to be done to improve the country's standing in the global community. "Every week, at least one journalist is killed in a country that is highly corrupt".
But more work would be needed in order to stay on top.