Guyana has received favourable ratings from the Caribbean Financial Action Task Force (CFATF) for putting strict measures in place to counter anti-money laundering and terrorism financing.
The Caribbean Financial Action Task Force (CFATF) has published its recently concluded Mutual Evaluation Report (MER) which analysed the level of compliance with the FATF 40 Recommendations and the level of effectiveness of Guyana’s AML/CFT system and provides recommendations on how the system could be strengthened.
The Summary of the report published by Attorney General Anil Nandlall, stated that Guyana has made significant efforts to improve its understanding of AML/CFT risk via the conduct of multiple risk assessments including a national money laundering risk assessment in 2017, that was updated in 2021, a 2022 Non-Profit Organisation (NPO) terrorist financing (TF) risk assessment among others.
Although the risk assessment on the Extractive Industries was not finalized and approved, the report noted that Guyana has made significant strides in the implemented activities and objectives contained within the National Policy and Strategy Plan (NPSP) to address identified risks such as strengthening cooperation and coordination amongst competent authorities and enactment of new, as well as revisions, to key legislation.
However, the report noted that while Guyana has a strong Terrorist Financing legislative framework and a general understanding of the Terrorist Financing risk profile, there was no clear coordinated effort between the GPF-CID and SOCU for the conduct of parallel Money Laundering investigations.
In relation to Terrorist Financing offences, the report stated that Guyana has had limited Terrorist Financing investigations with no prosecutions or convictions, and as such the AT was unable to determine whether sanctions for Terrorist Financing offences were effective, proportionate and dissuasive,” the report stated.
Further, the report noted that the Bank of Guyana, Guyana Gold Board, Guyana Securities Council, Guyana Revenue Authority and the Guyana Geology and Mines Commission apply strong licensing, registration and other controls at market entry, and in some instances during license renewal, to prevent criminals and their associates from owning or controlling Financial Institutions and designated non-financial businesses and professions.
“The Mutual Assistance in Criminal Matters Act (MACMA), the Fugitive Offenders Act and the AML/CFT Act provide a strong framework which enables the competent authorities (Cas) in Guyana to seek and provide Mutal Legal Assistance, extradition and other forms of international cooperation to foreign counterparts. However, there is no guidance to CAs as to when either the MACMA or AML/CFT Act, 2009 should be utilized to facilitate timely international cooperation,” the summary of the report noted.
The report also noted that Guyana has demonstrated its ability to seek and provide international cooperation.
However, the case management system could not demonstrate that this was provided in a timely manner Take the necessary measures to strengthen cooperation and coordination among law enforcement agencies responsible for the investigation of ML, TF and ML/TF related offences to ensure improved alignment of investigations.
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