Guyana now in position to share, receive info. on money laundering and terrorist financing

Nov 13, 2017 News

– Langevine tells Caribbean Financial Action Task Force

Head of the Financial Intelligence Unit (FIU), Matthew Langevine speaking on the sidelines of the 46th Plenary and Working Group Meetings of the Caribbean Financial Action Task Force (CFATF), said Guyana attaining membership of the Egmont Group of Financial Intelligence Units (FIUs) would be a significant achievement, since the country would have the opportunity to share and receive information pertinent to fighting money laundering and terrorist financing with FIUs around the world.
According to a DPI release, the FIU Head noted that “as we do our investigations, as we try to get intelligence on various subjects, it is much easier when you’re an Egmont member because there is a very secure way to share information, a secure website where you can share information…there’s also an opportunity for FIUs to receive training.”
Attaining membership would also help Guyana in meeting the standard of the Fourth Round Mutual Evaluation process, which requires that FIUs become members of the Egmont Group.
He further noted that the country’s entire anti-money laundering and countering the financing of terrorism regime would be assisted by this membership. The presentation on the plans of the Egmont Group, Americas Region, provided critical information on how prospective members, such as Guyana, can access training and benefit from cooperation among member countries to strengthen its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime.
Additionally, Langevine revealed that Senior Compliance Officer of the FIU, Alicia Williams being elected Co-chair of the CFATF Working Group on Risks Trends and Methods (CRTMG) allows for intimate involvement by a Guyanese representative in the activities of the working group so that best practices related to AML/CFT can be adopted.
“It allows for us to get a better understanding of some of the activities within money laundering and terrorist financing being perpetrated within the region,” he said.

Matthew Langevine, Head of the Financial Intelligence Unit (FIU)

Matthew Langevine with other delegates

The Egmont Group is a united body of 156 Financial Intelligence Units (FIUs). The Egmont Group provides a platform for the secure exchange of expertise and financial intelligence to combat money laundering and terrorist financing (ML/TF).
Langevine, speaking during the CFATF 27th Forum of the Heads of the FIU, has assured that Guyana, which is in its Fourth Round of Assessment, is taking the necessary steps in preparation for its evaluation in 2022.
In this round, the CFATF/ Financial Action Task Force (FATF) would test Guyana’s systems for compliance in relation to Anti-Money Laundering and Countering the Financing of Terrorism.
Attorney General and Minister of Legal Affairs, Basil Williams, S.C. recently disclosed that based on a risk assessment conducted by the Government, Guyana will be taking steps to ensure efficiency in risks areas, which include the money transfer services, among others.
The five-day 46th CFATF Plenary and Working Group Meetings commenced this morning at the Marriott Hotel, Georgetown, and will see some 200 representatives arriving in Guyana from the 25-member countries, the FATF and other international financial institutions.
The official opening is slated for Wednesday, November 16, 2017, where President David Granger will deliver the feature address.

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