Latest update November 29th, 2024 1:00 AM
Bills to strengthen anti-money laundering fight coming
…as Guyana prepares for 4th round of evaluation
Kaieteur News – In preparation for Guyana’s Anti-Money Laundering and Countering the Financing of fourth round slated for September, the Government shall be tabling in the National Assembly the Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Bill 2023 and the Guyana Compliance Commission Bill 2023.
The tabling of the two bill forms an essential part of a move by the Government to implement outstanding recommendations of the Caribbean Financial Action Task Force (CFATF) and the Financial Action Task Force (FATF), as well as correct deficiencies identified and overall strengthen Guyana’s AML/CFT framework.
Attorney General, Anil Nandlall, SC
According to a press release issued by the office of the Attorney General Anil Nandlall, SC, on Monday, in keeping with our policy of publicly consulting with important stakeholders and the citizenry on significant pieces of legislation, recommendations and other constructive inputs are hereby invited in writing in respect of the said two Bills within fourteen (14) days from the date hereof to be submitted to [email protected]. These Bills can be accessed on the Attorney General’s Chambers and Ministry of Legal Affairs’ website.
The money laundering vulnerabilities faced by 20 sectors that are considered as possessing higher than normal risk for Money Laundering and Terrorist Financing locally were closely examined. These sectors included the banks, insurance companies and brokers, money transfer agencies, cambios, securities businesses, attorneys-at-law, oil and gas and accountants among others.
According to the Attorney General, the Government will continue to support the country in its efforts to combat financial crimes including money laundering and terrorism financing as it prepares for its Fourth Round Mutual Evaluation by the CFATF in the third quarter of 2023.
Guyana’s National Risk Assessment (NRA), commenced in December 2019 in accordance with the Financial Action Task Force’s (FATF) recommendation, which mandates countries to continuously identify, assess, and understand their Money Laundering and Terrorist Financing risks, while simultaneously taking requisite action to mitigate the identified risks, using a risk-based approach.
The assessment, the second of its kind in six years, was conducted by a Working Group of over 70 persons representing over 40 public and private sector agencies in Guyana. The Attorney General reported that the World Bank provided guidance and support throughout the process.
The results of the exercise, he said, are detailed within the NRA Report and an accompanying Risk Based Action Plan, which contains over one hundred recommendations to be implemented by various agencies. It was noted that the documents have already been shared with key AML/CFT stakeholder agencies locally, to commence the implementation of the Action Plan.
“In conducting the exercise, the Working Group assessed and identified the country’s ML/TF threats and vulnerabilities. This included the identification of weaknesses and gaps in Guyana’s ability to effectively deal with the existing Money Laundering and Terrorist Financing vulnerabilities and threats,” he further explained. The Terrorism (AML/CFT) framework shall be undergoing its fourth round of mutual evaluation in September 2023 by the Caribbean Financial Action Task Force (CFATF).
- Anti-Money Laundering and Countering, Attorney General Anil Nandlall, Caribbean Financial Action Task Force (CFATF), financing, SC
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