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.

Sotltli America.

Tel: 2253607 /226-2616-8

Fax:  227-5419

Emtiil:  agmla@legalaffairs.gov.gy

 

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

 

 

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