AML/CFT workshops scheduled for Saturday and Sunday

May 14, 2019 News

Attorney General and Minister of Legal Affairs, Basil Williams, SC, as head of Guyana’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime and Chairperson of the Anti-Money Laundering and Countering the Financing of Terrorism and Proliferation Financing National Co-ordination Committee, is organising two AML/CFT training and sensitisation workshops for Attorneys-at-Law and Accountants/Auditors respectively.
The workshops will be held at Cara Lodge Hotel, Georgetown, on Friday and Saturday.
These engagements are critical as Guyana prepares for its CFATF 4th Round Mutual Evaluation, scheduled for the first quarter of 2022, and more so, given that the Money Laundering (ML) vulnerability levels for Attorneys-at-Law and Accountants/Auditors are generally considered to be high, based on AML/CFT trends globally.
The completion of the Guyana’s first Money laundering and Terrorist Financing (ML/TF) National Risk Assessment in 2016, concluded that the ML vulnerabilities and risk with these sectors in Guyana are consistent with international norms.
The workshops are intended to highlight the obligations of the Attorneys-at-Law and Accountants/Auditors, who are classified as Designated Non-Financial Businesses or Professions (DNFBPs) under local AML/CFT legislation. These categories of DNFBPs are required to report suspicious transactions to the Financial Intelligence Unit only when, on behalf of or for a client, they engage in certain financial transactions as outlined under Section 18(11) of the AML/CFT Act 2009 (as amended).
Further, in keeping with the Financial Action Task Force (FATF) Standards, these DNFBPs should be effectively supervised, to ensure their effective compliance with their obligations to assist in protecting the international financial sector and playing their part in combating Money laundering and Terrorist Financing in Guyana and worldwide.

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