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FATF/CFATF applauds Guyana compliance

Dec 08, 2015 News

Guyana continues to be applauded for its efforts to comply with the requirements of the Caribbean Financial Action Task Force (CFATF).
This was made known during a press conference hosted yesterday by the Minister of Legal Affairs and Attorney General (AG), Basil Williams.
Williams said that after the conclusion of the CFATF Plenary and Working Group Meetings, held in Trinidad and Tobago over five days from November 23, Guyana’s overall level of compliance in accordance to the CFATF has been significantly improved. Guyana satisfied all the recommended actions in 14 recommendations and showed substantial improvement in respect of 14 other recommendations.
“CFATF indicated that to demonstrate continued implementation, the authorities should continue to submit information of each report regarding the provision of training both to the competent authorities and the financial institutions, the onsite AML/CFT inspection activity of the Bank of Guyana (BOG), the Guyana Securities Council (GSC) and the Chief Co-operatives Development Officer (CCDO), and the various statistical information required under the specific recommendation” Williams stated.
The AG said that due to the outstanding recommended actions, the CFATF recommended that Guyana stay in enhanced follow up, and be required to report to the next plenary in May 2016.
He also revealed that out of the 27 members, 10 members, including Guyana, are still in the CFATF follow up process under the third Round Mutual Evaluation. All 10 members are urged by the GFATF to quickly address their outstanding deficiencies and apply to exit the follow-up process by May next year.

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