Financial Crime World

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CFATF Concludes Assessment of Guyana’s AML/CFT Compliance Framework, Identifies Areas for Improvement

The Caribbean Financial Action Task Force (CFATF) recently visited Guyana to assess the country’s compliance with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations. The assessment team, led by Avelon Perry, concluded its fourth visit to Guyana and presented its initial findings to Attorney General Mohabir Anil Nandlall, Minister of Legal Affairs, and the National Coordination Committee (NCC).

Progress Made

According to the preliminary report, Guyana has made significant progress in coordinating efforts to identify and mitigate threats of money laundering and terrorist financing. The country’s risk assessment, including its 2021 national risk assessment, was commended by the CFATF team for its thoroughness and dissemination among stakeholders.

Areas for Improvement

However, the assessment also highlighted areas that require improvement:

  • Attorneys-at-law and accountants need to better understand AML/CFT laws.
  • Guyana needs a more unified approach to concluding money laundering cases, which have been delayed in recent years, contributing to the country’s low rate of money laundering convictions.

Recent Amendments

The CFATF team also noted that recent amendments to Guyana’s AML/CFT regulations have addressed technical issues related to targeted financial sanctions for terrorism and proliferation financing. However, internal processes may need to be modified for the effective implementation of these laws.

Future Steps

The assessment team commended Guyana on its progress and informed that the findings will be revised after a final review in May or June at the CFATF 2024 Plenary meeting in Trinidad and Tobago. The country’s compliance framework has been praised by regulatory bodies, with officials acknowledging Guyana’s efforts to improve its AML/CFT regulations.

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