AG confident region will comply with FATF standards

DPI, Guyana, Friday, November 23, 2018

Guyana’s Attorney General and Minister of Legal Affairs, Basil Williams told a Caribbean Financial Action Task Force (CFATF) meeting that he is confident that Caribbean countries will continue to improve their compliance with the standards of the Financial Action Task Force (FATF) and increase the levels of implementation.

Minister Williams, who is currently Chairman of the CFATF, was addressing the opening of the GAFIC XLVIII Plenary and Working Group Meetings recently in Bridgetown Barbados.

The meetings, which came to an end today, provided an opportunity for the various Supervisory Authorities to liaise with their international counterparts and exchange ideas on how to improve compliance with the FATF 40 Recommendations and Methodology which are the global standard for AML/CFT compliance. It was also an opportunity for Guyana to observe the CFATF’s 4th Round Mutual Evaluation process since Guyana will be evaluated in 2022.

According to Minister Williams, coupled with the challenges of the fourth round of mutual evaluations, small member states are dealing with economies affected by low levels of financial growth, recovery from hurricanes and de-risking.

“Resources are being stretched as we all use our best efforts to legislatively strengthen our AML/CFT frameworks, establish measures to deal with Proliferation Financing (PF) and implement the AML/CFT laws and processes that can be considered as ‘High’ or ‘Substantial’ levels of effectiveness,” Minister Williams told the meeting.  

Meanwhile, the CFTAF Chair said much was accomplished during his tenure as chair.

“We have been able to assist with enhancing AML/CFT capacity in the Region through the hosting of assessors’ training in January of this year and followed with the AML/CFT/CVE Workshop for Judges and Prosecutors in May.”

He said the 11th EDF Grant Agreement was successfully signed and is being implemented. The project, he explained, will provide much needed 4th Round mutual evaluation funding directly for CFATF beneficiary members and provide opportunities for participation for all CFATF Members.

Alexis Rodney.

Images: Ministry of Legal Affairs.

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