AG meets with reporting entities ahead of FATF/ICRG visit

Georgetown, GINA, August 5, 2016

Attorney General and Minister of Legal Affairs Basil Williams today, met with insurance companies and brokers as part of ongoing sensitisation meetings in preparation for the Financial Action Task Force FATF/ICRG on-site visit.

Minister Williams and a team from his ministry met with a number of supervisory and reporting entities in relation to the Anti-Money Laundering and Countering the Financing of Terrorism (amended) legislation.

At the FATF Plenary and Working Group meeting held in Korea from June 18-24, 2016 the FATF/ICRG report stated that Guyana has substantially completed its action at the technical level. In line with the procedures for removing jurisdictions from ICRG review, the entity recommended that an on-site visit take place to the country prior to the October 2016 meetings. This is in order to verify that the implementation of its AML/CFT reforms have begun and are being sustained and that there is political commitment to sustain implementation.

The on-site visit will relate to the verification of the implementation of seven reforms therefore the Financial Intelligence Unit (FIU), Special Organised Crime Unit, Bank of Guyana, Guyana Securities Council, the Department of Cooperatives and Friendly Societies, the Supervisor of Insurance, Money Transfer Agencies and the Commercial Banks will be visited.

Once the FATF/ICRG Co-Chairs conclude that Guyana has satisfied its on-site verification, then a motion will be moved in its October Plenary to remove Guyana from the FATF/ICRG’s review list.