PPP Gov’t to tackle deficiencies in AML/CFT Act

The People’s Progressive Party Civic (PPP/C) Government has reiterated its commitment to addressing the numerous deficiencies of the Anti-money Laundering and Countering the Financing of Terrorism (AML/CFT) Act.

Attorney General and Minister of Legal Affairs, Hon. Mohabir Anil Nandlall, made this known when he met with British High Commissioner to Guyana, H.E. Greg Quinn on Monday.

In the same vein, the Attorney General relayed the Government’s plan to also amend the State Asset Recovery Agency Act.

During the meeting at the Attorney General’s Chambers, the British High Commissioner emphasised his Government’s interest in Guyana remaining compliant under the AML/CFT regime. He agreed that Guyana should have some asset recovery legislative framework, recognising the deficiencies in the current framework.

Earlier this month, the Attorney General committed to the review of the legislative schemes and framework governing the AML/CFT apparatus, with the view of addressing existing weaknesses and deficiencies, as the country prepares for the fourth round of mutual evaluation by the Caribbean Financial Action Task Force (CFATF).

He had met with Head of the Financial Intelligence Unit (FIU), Matthew Langevine, Senior Outreach and Assessment Officer, Alicia Williams, and Rommel St. Hill, AML/CFT Officer within the Ministry of Legal Affairs, for an update on Guyana’s AML/CTF progress, particularly the country’s outstanding obligations under the various international monitoring agencies.

The team reported that the CFATF had noted the severe deficiencies in Guyana’s legislative network, due to deficient legislation enacted under the previous Administration.

The team also told the Attorney General that Guyana’s Risk Assessment for the year 2020 is currently under preparation and identified several weaknesses in the existing apparatus.

Guyana, along with several Caribbean countries, will be assessed at the fourth round of mutual evaluation in 2022.

During that round of compliance monitoring, the CFATF will conduct reviews to assess the countries’ levels of implementation of the organisation’s recommendations, providing an in-depth description and analysis of the system for preventing criminal abuse of the financial system.