CFATF: Guyana's AML/CFT Threat, Belize's Progress

CFATF Calls for Counter-Measures Against Guyana for AML/CFT Deficiencies, Applauds Belize’s Progress

The Caribbean Financial Action Task Force (CFATF) issued a public statement in May 2014, highlighting financial deficiencies in Guyana regarding Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT). As a result, the CFATF called on its members and other jurisdictions to take counter-measures against Guyana to safeguard the international financial system.

Guyana’s AML/CFT Deficiencies: A Threat to the International Community

The CFATF identified strategic AML/CFT weaknesses in Guyana, posing a threat to the international community, necessitating counter-measures. Although the exact nature of these measures was not detailed, they may include heightened scrutiny of financial transactions originating from Guyana or formal sanctions against the jurisdiction.

Cooperating with CFATF and FATF to Address AML/CFT Shortcomings

Despite this setback, Guyana has been urged to cooperate fully with the CFATF and the Financial Action Task Force (FATF) to rectify its AML/CFT shortcomings. The CFATF reaffirmed its commitment to supporting its members in their efforts to strengthen their frameworks and prevent financial crimes and terrorist financing activities.

Belize: Commended for AML/CFT Progress

In a positive development, the CFATF recognized the significant strides made by Belize to address its AML/CFT shortcomings. The organization expressed satisfaction with Belize’s efforts to strengthen their framework, a step towards mitigating potential risks to the global financial system.

Key Takeaways:

CFATF identified strategic AML/CFT deficiencies in Guyana, necessitating counter-measures.
Belize commended for improvements in their AML/CFT framework.
Cooperation between jurisdictions and organizations crucial in fighting financial crimes.

The Continued Effort to Counter Money Laundering and Terrorism Financing

With recent developments in these Caribbean jurisdictions, it is evident that the fight against money laundering and terrorism financing remains an ongoing challenge. Governments, organizations, and individual stakeholders are encouraged to stay informed and collaborate to build a robust network that deters criminal activities and enhances global financial security.