Trained assessors prep for 4th mutual evaluation  

DPI, Guyana, Monday, September 9, 2019

As Guyana prepares for the fourth round of mutual evaluation by the Caribbean Financial Action Task Force/ Financial Action Task Force (CFATF/FATF), the Ministry of Legal Affairs continues to boost its capacity for the major assessment.

The ministry today hosted a seminar of trained assessors in Anti Money Laundering/Countering the Financing of Terrorism and Proliferation (AML/CFT/PF) at the Bank of Guyana. The seminar allowed assessors to reflect on additional work that needs to be done in combating money laundering and the financing of terrorism.

Attorney General and Minister of Legal Affairs, Hon. Basil Williams, SC., who is also Chairman of the AML/CFT/PF National Coordinating Committee, reminded the assessors of the integral role they play in Guyana’s success. He said they should be making recommendations for improving the regulatory supervision and law enforcement systems.

“Therefore, it is important for us to ensure that we have in place adequate and effective measures to protect our financial systems because our country’s reputation depends on it. We have to ensure that we are not abused by money launderers and financial terrorists,” he said.

Because of its past experience, the AG said Guyana must resolve not to return to “that list”, but take every step necessary to ensure all systems are effective. This, he said, can only be done through cooperation and coordination between all stakeholders including supervisory authorities, financial institutions, regulators and enforcement agencies.

“We must have an effective implementation of AML/CFT laws and regulations. We must have effective investigations, prosecutions, exchange and sharing of information among law enforcement agencies and relevant authorities both at the national and international levels for investigation and effective mechanism to deal with cross border organised crime.”

During the fourth 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 complete the National Risk Assessment; a system which allowed the country to recognise and establish areas of risks.

 

Editor’s Note: FATF – Financial Action Task Force 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.