New anti-money laundering measures…FIU zeroes in on car dealers, cambios, banks and others

Aug 04, 2018 News

Attorney General and Minister of Legal Affairs, Basil Williams

The Financial Intelligence Unit (FIU) is to be given more powers to monitor an expanding pool of reporting entities for the purposes of Anti-Money Laundering and Countering the Finance of Terrorism (AML/CFT).
According to Attorney General and Minister of Legal Affairs, Basil Williams, the AML/CFT (Amendment) Bill 2018 provides for the further monitoring and compliance of reporting entities by requiring all reporting entities to register with the FIU.
“For the purpose of monitoring compliance with the provisions of this Act, reporting entities shall register with the Financial Intelligence Unit in the manner and form as the Director may determine,” the Bill states. The Bill was passed by the National Assembly on July 27th, but has to receive the President’s assent before it becomes law.
Reporting entities which include commercial banks, auto dealers and money transfer agencies, among others, are required to file suspicious transactions reports with the FIU.
The Bill now adds other professionals such as real estate agents, real estate developers, Commissioner of Oaths and Auditors, who are now compelled to report to the FIU.
Further, Williams has outlined that the new Bill fortifies Guyana’s AML/CFT systems as it allows for a freezing procedure to deal with proliferation financing along with measures where the Gold Board must now employ a ‘fit and proper’ criteria before approving any licence.
“As we continue to formulate policies and develop new ways to strengthen our AML/CFT regimes and meet with competent authorities, supervisory bodies and reporting entities through outreaches, our laws will have to be continuously strengthened by filling loopholes and closing gaps,” Williams outlined.
He said that Government is fully committed to and will continue to put the necessary policies in place that by 2022, Guyana is able to demonstrate that its AML/CFT systems and policies are effective.
Williams stated that the Bill is to strengthen the regulatory framework and bring it in line with international standards to combat money laundering, terrorist and proliferation financing.
The Bill establishes an AML/CFT Committee which will be chaired by the Attorney General.
The other members will be the Director of Public Prosecutions, the Governor of the Bank of Guyana, the Commissioner-General of the Guyana Revenue Authority, Director of the Financial Intelligence Unit, the head of the Special Organised Crime Unit, the General Manager of the Guyana Gold Board, the Commissioner of the Guyana Geology and Mines Commission, the Chairperson of the Guyana Securities Council, the Chairperson of the Gaming Authority and the Chief Cooperatives and Development Officer.

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