Guyana on track for 4th round of mutual evaluation – FIU head

─ engaging Attorneys, Accountants to “get on board”

DPI, Guyana, Monday, April 8, 2019

As Guyana gears for the fourth round of mutual evaluation by the Caribbean Financial Action Task Force (CFATF)/Financial Action Task Force (FATF), the Financial Intelligence Unit (FIU) has been working overtime to prepare the country for the significant occasion.

During the 4th round of compliance monitoring, the FATF will conduct reviews to assess Guyana’s and other country’s levels of implementation of the organisation’s recommendations, providing an in-depth description and analysis of each country’s system for preventing criminal abuse of the financial system.

Coming out of the third round of mutual evaluation, Guyana was able to successfully complete the National Risk Assessment; a system which allowed the country to recognise and establish areas of risks.

Director of the FIU, Matthew Langevine, last Friday, said that Guyana has been very proactive in its efforts to complete the risk assessment.

“We have had ongoing consultations on the National Risk Assessments, risk-based actions plan. We continue to engage with the various sectors, agencies and supervisory entities, through the National Coordinating Committee to ensure that the weaknesses identified in the efforts to make the AML regime robust are being addressed in an ongoing basis,” he told the Department of Public Information (DPI).

Langevine said the FIU is currently engaging lawyers and accountants who are also obligated to get on board with the unit in preparation for the mutual evaluation.

“I am optimistic that in 2019 you will see those entities coming on board fully to meet their obligations. It will be emphasised there will be implications for Guyana not meeting the international standards.”

According to the FIU director, the road toward the 4th round of mutual evaluation is a “collaborative effort”. He said the FIU is just one part of the process of the Anti-Money Laundering (AML) regime.

“There are several agencies that are involved in the entire process, and we are working together to ensure that Guyana builds its regime to an international standard.”

Since assuming office in May 2015, the Coalition Government has been taking steps to ensure the country’s financial systems become fully compliant with AML/CFT regulations.

Alexis Rodney.

Image: Kawise Wishart.

 

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.