SARA and FIU sign MOU -to facilitate cooperation between the agencies -move in keeping with international best practices

DPI, Guyana, Monday, May 14, 2018

The State Assets Recovery Agency (SARA) and its counterpart, the Financial Intelligence Unit (FIU) today signed a memorandum of Understanding to facilitate cooperation between the two agencies.

(left) Director of the FIU, Matthew Langevine (right) and Director of SARA, Dr. Clive Thomas

Director of the State Assets Recovery Unit, Dr. Clive Thomas said the MOU is in keeping with the fact that the roles of the two agencies direct that they cooperate.

“We are mandated, I think both by international law convention as well as domestic law, to cooperate because both of us share the same set of goals, and these relate to the reduction of corruption both as a national good and as an international obligation”, Thomas explained.

In addition, the SARA Head cited the fight against corruption as one which aims to increase resource availability to improve citizens’ welfare.

He noted, “The increasing tendency globally is the recognition that the fight against corruption is the fight for the welfare and well-being of the broad masses of the population of the entire globe. I am not the one who is making this assessment but the world bank itself, on its website has argued that public corruption is the single biggest deterrent to development.”

Director of the Financial Intelligence Unit, Matthew Langevine described the signing of the MOU as in keeping with international best practices. It will also, he added, foster cooperation and specifically allow for the sharing of intelligence between the two agencies.

The FIU is a dedicated body that was created under the Anti-Money Laundering and Countering the Financing of Terrorism Act which was made into law by the new Coalition Government. Its main role is to facilitate the detection and deterrent of money laundering and terrorist financing and other financial and serious offences.

By Kidackie Amsterdam
Image courtesy of Derrick Bridgemohan