Guyana cleared to exit FATF and CFAT regimes
Georgetown, GINA, July 2, 2016
Attorney General and Minister of Legal Affairs today at a press conference held at the AG Chambers said that Guyana is cleared to exit the Financial Action Task Force (FATF) and Caribbean Financial Action Task Force (CFATF) regimes.
Below is the detailed statement read by Minister Williams;
ATTORNEY GENERAL’S CHAMBERS
MINISTRY OF LEGAL AFFAIRS
95 Carmichael Street North Cunnningsburg, Georgetoum, Guyana.
Tel: 225–3607 /226-2616-8
Honourable Basil Williams LLB(Hoos), MP
June 29 2016
GUYANA CLEARED TO EXIT FATF AND CFAT REGIMES
A year after President David Arthur Granger gave a High level Political Commitment to work with the FATF and CFATF to address the strategic AML/CFT deficiencies the APNU+AFC coalition Government inherited from the previous Government, the FATF has cleared the way for Guyana to begin to exit its process, and thereupon the CFATF process also.
At the ‘FATF PLENARY AND WORKING GROUP MEETINGS’ held in Busan, Korea 18th -24 June 2016 which was attended by the Attorney General and Minister of Legal Affairs the Hon. Basil Williams, and the Legal Adviser who is performing the functions of the Director of the Financial Intelligence Unit (FIU) Ms. Alicia Williams, the Plenary adopted the FATF/ICRG Co-Chairs’ Report that it recognized.
Guyana has substantially completed its Action Plan at the Technical level.
And that: –
In line with the procedures for removing jurisdictions from ICRG review, the ICRG recommends that an on-site visit take place to the country prior to the October 2016 meetings in order to verify that the implementation of its AML/CFT reforms has begun and is being sustained and there is political commitment to sustain implementation.
Pursuant to the adoption of the FATF /ICRG Co-Chairs’ Report the FATF published on its website, the public document which particularized the specific AML/CFT deficiencies successfully addressed by Guyana in its Action Plan. These were:-
...... ( 1) adequately criminalising money laundering and terrorist financing; (2) establishing and implementing adequate procedures for the confiscation of assets related to money laundering: (3) establishing and implementing an adequate legal framework for identifying, tracing and freezing terrorist assets; (4) establishing a fully operational effectively functioning financial intelligence unit; (5) establishing effective measures for customer due diligence and enhancing financial transparency; (6)strengthening suspicious transaction reporting requirements; and (7) implementing an adequate supervisory framework. The FATF will conduct an on-site visit to confirm that the process of implementing the required reforms and actions is underway to address deficiencies previously identified by the FATF.
The on-site visit will therefore relate to the verification of the implementation of these seven (7) reforms.
The bodies that will be visited by the FATF/ICRG CO-Chairs will include the FIU, SOCU, BOG, Guyana Securities Council (GSC), the Department of Cooperatives and Friendly Societies (DCFS), the Supervisor of Insurance (SOI), Money Transfer Agencies and the Commercial Banks.
Once the FATF/ICRG Co-Chairs conclude that Guyana has satisfied its on-site verification then a motion will have to be moved in the October Plenary, to remove Guyana from the FATF/ICRG’s review list.
On being removed from the said list, Guyana will thereupon qualify to exit the
CFATFfollow up process.
At the CFATF PLENARYMEETING AND WORKINGGROUPS AGENDA held in Montego Bay, Jamaica 5th -9th June, 2016 and attended by Attorney General and Minister of Legal Affairs Hon. Basil Williams and Ms. Alicia Williams, the CFATF had given Guyana a clean bill of health on its ‘Tenth Follow Up Report,’ the first submitted by the new government.
The CFAThad stated the following: –
Guyana has significantly improved its overall level of compliance and most :importantly Guyana has fully addressed the Core and Key Recommendations. While Guyana satisfies the criteria for application to exit the follow-up process, it is still in the FATF/ICRG process which it needs to complete first. As such it is recommended that Guyana stay in enhanced follow-up and be required to report on continuing implementation to the next Plenary in November