AG calls for coordinated approach to tackle money laundering

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DPI, Guyana, Wednesday, July 4, 2018

As the Money Laundering/Terrorist Financing National Risk Assessment seminar continues, representatives of the respective financial agencies are being called to move forward in a coordinated manner.

Attorney General and Minister of Legal Affairs, Basil Williams, SC., made the call as he stressed that the 2022 fourth round of assessment to be conducted by the Financial Action Task Force (FATF) is “serious business.”

He said agencies cannot run the risk of becoming complacent with the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime.

AG Williams reminded that a national system is necessary to the wellbeing of all Guyanese, hence, due diligence must exist.

The various agencies were applauded for their efforts in completing the National Risk Assessment.

Respective Risk-Based Reports were presented by agencies such as the Special Organised Crime Unit, the Guyana Gold Board, the Director of Public Prosecutions’ Office, the AG’s Chambers, among several others.

Guyana was blacklisted by the FATF and the Caribbean Financial Action Task Force (CFATF) under the PPP regime, which led to strained relations with international financial institutions.

Efforts by the Coalition Administration resulted in Guyana’s removal from that list as such agencies, with guidance from AG Williams, continue to work to meet full international anti-money laundering compliance.

The AML/CFT Legislation was also passed and Guyana presently holds the Chairmanship of the CFATF.

By: Stacy Carmichael.

Images: Keno George.