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Guyana seeks to remove itself from FATF process
While Guyana still has to report to the Caribbean Financial Action Task Force (CFATF) at the next
Minister of Legal Affairs, Basil Williams
plenary to be held later this year, the country has been highly commended for its improved compliance. Further to this, Guyana is gearing to exit the process.
CFATF in its 10th Follow-up Report issued earlier this month acknowledged that Guyana has made major developments in the realm of combating money laundering and the financing of terrorism.
Attorney General and Minister of Legal Affairs, Basil Williams boasted about this at his most recent press conference. Williams quoted the report, “Guyana should be commended for the improvement in compliance.
The Minister said that the recent Amendment to the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act No 2 of 2015, the Anti-Terrorism and Terrorist related Activities of 2015 form part of legislative amendments that were required by CFATF and satisfied the majority of recommendations which Guyana had outstanding.
“The overall level of compliance has improved with several recommendations namely 1, 5, 8, 12, 15, 16, 33, 35, 37 – special recommendations 1, 2, 3 and 9 having met all recommended actions. There have also been substantial improvements in compliance with recommendations 17, 22, 23, 24, 25, (and) special recommendations 5, 6 and 7,” said Williams.
He said that the CFATF report indicates that Guyana should be commended for improving its compliance and continued implementation. However authorities should continue to submit information for each report regarding the provisions of training, both to the competent authorities and the financial institutions.
“Guyana has significantly improved its overall level of compliance however, due to the remaining outstanding recommended actions, it is recommended that Guyana stay in enhanced follow- up and be required to report to the next plenary in 2016.”
Minister Williams said that the strides made by his administration are significant. The former administration was cited three times and issued with warnings for the institution of counter-measures against Guyana for failure to meet standards.
He added that currently, only one remaining recommendation which has been partially met remains to be addressed by the Administration.
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