Guyana exploring the use of technology in money laundering fight

Apr 24, 2018 News

The fight against the hot-button issue of money laundering and the financing of terrorism may soon expand to the use of modern technology and software.
Attorney General and Minister of Legal Affairs, Basil Williams S.C, said that he has explored how technology can be utilized in the anti-money laundering/combatting of terrorism financing (AML/CFT) arena.
AG Williams made the presentation in Miami, Florida last week at the Compliance Aid’s AMLFC Institute Conference, in his capacity as chair of the Caribbean Financial Action Task Force (CFATF).
“It relates largely to using software and modern technology improving financial services in the arena and also to focus on the development of regulatory requirements for the region and globally,” the Attorney General said.
The conference was held under the theme Anti-Money Laundering and Fighting Corruption. It was geared towards transferring theory into actual solutions that can be implemented by the participants in their respective countries. AG Williams added that the fight against money laundering and terrorist financing is being conflated with the fight against corruption.
Guyana has established the legal framework to ensure it is compliant with CFATF and FATF regulations. The country is now working towards clearing the fourth round of mutual evaluation.
Guyana has also taken several measures to ensure it deters corruption in public offices. Recently, at the Summit of the Americas in Lima, Peru, Minister of Foreign Affairs Carl Greenidge reaffirmed Guyana’s commitment to fighting corruption.

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