Financial Intelligence Unit building capacity via MOUs with related agencies

DPI, Guyana, Friday, July 6, 2018

As part of its capacity building efforts to investigate money laundering and other financial crimes, as well as prosecute offenders, the Financial Intelligence Unit (FIU) is working closely with related agencies through established Memorandums of Understanding (MOUs).

The oversight bodies, the Financial Action Task Force (FATF) and the Caribbean Financial Action Task Force (CFATF) monitor the effectiveness of domestic cooperation.

In this regard, Head of the FIU, Matthew Langevine said the agency’s priority is to establish MOUs among agencies to allow for easy information sharing. This, he said, will improve national cooperation for the investigation and prosecution of money laundering, terrorist financing and other financial crimes.

MOUs have been signed with the State Assets Recovery Agency (SARA), Special Organised Crime Unit (SOCU), while others have been drafted and proposals sent to the Guyana Police Force (GPF), the Customs Anti-Narcotics Unit (CANU) and others.

This initiative is also one of the 40 recommendations specified by the CFATF to ensure compliance.

Guyana is slated for the fourth round of mutual evaluation by the FATF and according to Langevine, “when the mutual evaluation should commence, those are the kinds of things that the evaluators will be looking for. What is the basis for information sharing” Is it a structure? What are the terms? So, I think it is very important that we prioritise and ensure these MOUs are in place.”

The Appointment of an Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Supervisory body for Attorneys-at-law, notaries and accountants, is another requirement.

This responsibility falls under the purview of the Ministry of Finance with advice from the FIU and Attorney General’s Chambers.

Langevine said the appointment of an AML/CFT Supervisory agency for the Guyana Gold Board to ensure the conduct of processes in accordance with the anti-money laundering laws is in the pipeline.

Training sessions are planned for members of the legal and accounting fraternities within the coming months.

By: Stacy Carmichael.

Editor’s Note: Financial Action Task Force (FATF) an intergovernmental organisation that designs and promotes policies and standards to combat financial crime

CFATF is an observer member of the Financial Action Task Force (FATF) an intergovernmental organisation that designs and promotes policies and standards to combat financial crime.