Money laundering reminding of its presence

Mar 18, 2023 Editorial

Kaieteur News – In recent times, money laundering has made a strong appearance back on the local scene. It is a dangerous development that must be provoking a series of shivers in both government and private sectors. It involves the washing and recycling of massive sums of money, which is done in sophisticated ways and involves people with considerable reach and influence, to the smaller fry used as fronts, only to find themselves trapped in webs of crime that mark them for life. The concern is that the real, big launderers are the ones who usually evade the arm of the law, and get away unhindered and scot-free.

The news has been coming in waves, with each item giving an idea of what is at work in the deep recesses of Guyana, and its streams of business. First, it was of three Guyanese and over four billion dollars laundered, with Chinese businesses in the mix, and held out as the real brains behind the money laundering scheme. The three Guyanese are the ones left to face the music, and it does not look as if there will be developments beyond this trio of convenient scapegoats, with their alleged participation properly noted. The big fish, be they Chinese or others, have already flown the coop and covered their tracks.

Second, Attorney General Anil Nandlall, SC, had the unwelcome duty of receiving a report that spoke of US$2.2B suspected to be laundered in the period 2016-2020. Though this could easily be lumped by the PPPC Government under record of the weak and failed APNU+AFC Coalition period in office, it still is owned by Guyana. There is significant belief that, with this degree of money laundering being reported, more than a few of those participating would be close comrades and friends of both the PPP/C and APNU+AFC Governments. Whether denied or not, the reality is that US$2.2B is not money laundering of a poor man’s variety. By a process of careful and consistent elimination, the field of likely launderers is considerably thinned down, leaving only the usual suspects standing.

The former APNU+AFC Coalition Government and the present PPP/C Government have more than a passing idea of who they are, the extents of their involvement in money laundering, and the risks they attach to the reputation of this country. As the ABC&E countries, with America leading the way, tighten the screws, and press for charges and prosecutions, many leading politicians in this country find themselves hopping from one foot to the other. Their inaction does not speak to a strong and genuine commitment to doing the right things relative to the local money laundering problem, which could be very widespread.

This is what comes under the spotlight in the third recent money laundering development making the rounds. It is that 100 Suspicious Transaction Reports (STRs) were filed between 2016 and 2020, but that is where everything came to a dead stop. That is, not one person has been charged with any money laundering offence. There was an interval when financial and other reporting institutions did not see any activity as suspicious, or when they did ‘red-flag’ transactions as suspicious, those stayed locked away in their filing cabinets. Instead of escalation to the Financial Intelligence Unit (FIU) for its analysis, and handoff to the Special Organized Crime Unit (SOCU), possible money laundering activities died in cabinets.

This is no longer the case, however, with the 100 STRs traveling from reporting entities (the ground level) to FIU (up the chain for analysis), then to SOCU (for investigation), and last to the DPP’s office for possible charges to be laid. It is telling only that there was only 1 out of 100 escalations to the DPP’s office. Clearly, much is missing in this picture. How else to explain less than half of the 100 STRs actually investigated, and over a third not receiving any kind of attention at all.

This leaves Guyana in a bad place in terms of the seriousness of government, lip service aside, to do make a dent in money laundering locally. US officials have to be unhappy with the previous government, and this present one also, which inherited the intelligence. Meanwhile, launderers continue washing untouched.

Anti-Money Laundering and Countering the Financing of Terrorism, Attorney General Anil Nandlall, Editorial, Guyana, money, SC

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Money laundering reminding of its presence

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