GEORGETOWN, Guyana, CMC – The Caribbean Financial Action Task Force (CFATF) has given Guyana a good review, according to a release from the Attorney General’s Chambers, Ministry of Legal Affairs.
The review mission team headed by Avelon Perry, on Friday, September 15, concluded an onsite visit and assessment of Guyana’s compliance with the Financial Action Task Force Recommendations and Methodology, which included engagements with government ministries, law enforcement agencies, state agencies, financial institutions, as well as the private sector and professional organizations.
This visit comes ahead of the 4th round of Mutual Evaluation.
Mission Leader Perry presented a summary of the initial findings to the Hon. Attorney General, Mohabir Ani Nandall SCMP and the Anti-money Laundering/Countering the Financing of Terrorism/Proliferation Financing National Coordination Committee (NCC). According to the Attorney General’s Office statement, “from all indications, Guyana, as a jurisdiction, acquitted itself favorably and received many plaudits during the exercise.
“The initial high-level findings found that Guyana has good coordination for identifying and mitigating money laundering/terrorist financing risks through the NCC.
“It also acknowledged the risk assessments Guyana has concluded, including the 2021 National Risk Assessment and its wide dissemination among stakeholders.
The mission also credited the country for completing several policy items, including amendments to crucial AML/CFT related legislation, the legislative creation of the Guyana Compliance Commission and the Real Estate Agents’ Authority, and the codification of the Special Branch Anti-Terrorism Task Force.
“About supervisory authorities, the initial findings found that most of these authorities demonstrated a risk-based approach, as well as the use of preventative measures,” and the team “noted the support that the Financial Intelligence Unit (FIU) plays in guiding supervisory authorities.”
The CFATF’s report stated that there is a need for “Attorneys-at-Law and Accountants to fully understand their AML/CFT obligations, which is particularly important with the Guyana Compliance Commission law being passed.”
“There is also a need for a unified approach in tackling money laundering by the various law enforcement agencies. However, it was seen that Guyana was investigating money laundering and associated serious offense cases in line with the country’s risk assessment; however, the delay in the administration of cases may have contributed to the current low conviction rate for money laundering.”
The team also noted a need for increased resources to be made available to the Treaty Office Ministry of Home Affairs to carry out its functions regarding international cooperation effectively.
However, the team reported that Guyana had “demonstrated the ability to use formal and informal mechanisms for international cooperation, mainly through its regional agencies such as ARIB-CARIB and the Regional Security System (RSS).
“In terms of targeted financial sanctions for terrorism financing and proliferation financing, the team noted that the recent 2023 amendments have cured some of the technical deficiencies; nevertheless, due to the recent passage of the laws, there may be a need to revise internal procedures in the implementation of such.”
Within six weeks of the completion of this onsite visit, a preliminary Mutual Evaluation report will be sent for Guyana’s review and input. Upon that review and the conclusion of those engagements, a final evaluation report will be submitted to the plenary.
Guyana will face the final discussions on its 4th Round of Mutual Evaluation in the first half of 2024 at the CFATF Plenary, to be held in Trinidad and Tobago.
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