Guyana closer to joining elite int’l financial intelligence group

Aug 12, 2022 News

Kaieteur News – To ensure the Financial Intelligence Unit (FIU) meets the necessary requirements for Guyana to secure membership to the (global) Egmont Group of Financial Intelligence Unit, the National Assembly on Monday passed the amendments to Anti-money Laundering and Countering the Financing of Terrorism Act Cap 10:11.

Attorney General and Minister of Legal Affairs, Anil Nandlall, S.C.

The Egmont Group of Financial Intelligence Unit is an international organisation that facilitates cooperation and intelligence sharing among national financial intelligence units to investigate and prevent money laundering and terrorist financing.

It also supports the efforts of its international partners and other stakeholders to give effect to the resolutions and statements by the United Nations Security Council, the G20 Finance Ministers, and the Financial Action Task Force (FATF).

Attorney General and Minister of Legal Affairs, Anil Nandlall, S.C., during his presentation on the Bill, said the amendments to the AML/CFT Act are simple yet significant, as Guyana prepares for a review process in the first quarter of 2023. Admission to the Egmont Group, the AG highlighted, will boost Guyana’s capacity to fight AML/CFT offences and activities. He noted that the Egmont group has certain facilities that are reciprocal to members to share information and platforms.

It also augments the capability of individual states to discharge their functions under their respective legislation.

The bill amends section two of the Principal Act to provide pertinent definitions related to the principles of anti-money laundering and terrorist financing international best practices.

Clause three of the Bill amends section 9(4) to provide for sharing of information by the FIU with other law enforcement agencies and other competent authorities. Further, Clause 4 of the Bill amends section 14(1) to strengthen the FIU’s ability to independently enter into agreements or arrangements with foreign FIUs and ensure that these agreements are made in accordance with the Egmont Principles.

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