Financial Crime World

CFATF Regulators Scrutinize Guyana’s Compliance Framework

The Caribbean Financial Action Task Force (CFATF) recently visited Guyana to assess the country’s compliance with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations. The assessment aimed to evaluate Guyana’s framework for combating money laundering and terrorist financing.

Assessment Highlights

The CFATF team, led by Avelon Perry, concluded its fourth visit to Guyana on September 15th. During the assessment, representatives from financial institutions, government agencies, law enforcement bodies, and private sector organizations participated.

  • Initial findings indicate that Guyana has made significant progress in coordinating efforts to identify and mitigate threats of money laundering and terrorist financing.
  • The CFATF team praised Guyana’s risk assessment process, including its national risk assessment in 2021 and the dissemination of findings among stakeholders.

Areas for Improvement

However, the assessment identified some areas that require attention:

  • Attorneys-at-law and accountants require better understanding of AML/CFT laws.
  • Guyana needs to adopt a unified approach to concluding money laundering cases, as delays in the administration of these cases may have contributed to the country’s low rate of convictions.

Recent Developments

The CFATF team acknowledged recent amendments to Guyana’s AML/CFT regulations and legislative creation of the Guyana Compliance Commission and Real Estate Authority. However, it was recommended that internal processes for implementing targeted financial sanctions for financing terrorism and proliferation be modified.

Next Steps

Guyana will receive final feedback on its compliance framework during the 2024 CFATF Plenary meeting in Trinidad and Tobago, expected to take place in May or June. The assessment’s findings serve as a crucial step in Guyana’s efforts to strengthen its anti-money laundering and counter-terrorism financing measures.

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