Financial Crime World

Coordination Key to Mitigating Money Laundering, Terrorist Financing, and Proliferation of Weapons of Mass Destruction Risks

Guyana’s efforts to combat money laundering (ML), terrorist financing (TF), and proliferation of weapons of mass destruction (PF) have received a significant boost with the establishment of the AML/CFT/PF National Coordination Committee (NCC).

A Key Player in Combating Money Laundering, Terrorist Financing, and Proliferation

The NCC, supported administratively by the Attorney General Chambers Secretariat, will play a crucial role in defining, overseeing, and coordinating the implementation of Guyana’s national AML/CFT/PF strategy. The committee’s primary roles include:

  • Policy development
  • Leadership
  • Strategic planning
  • Implementation oversight
  • Administration

Objectives and Tasks

According to the NCC’s objectives, one of its key tasks is to coordinate and oversee the implementation of policies and activities aimed at combating ML/TF and PF. This includes:

  • Ensuring the overall comprehensiveness of Guyana’s AML/CFT legal framework
  • Updating the national risk assessment (NRA) every three years
  • Monitoring the evolution of ML/TF threats and vulnerabilities

Stakeholder Engagement and Review

The NCC will engage with key stakeholders, including:

  • Supervisory authorities
  • Law enforcement agencies
  • Private sector entities

to provide advice and guidance on AML/CFT/PF best practices. Additionally, the committee will review compliance by supervised entities with Guyana’s AML/CFT Act and related policies.

Strengthening Legislative Framework

To strengthen Guyana’s legislative framework, the country has outlined several key actions, including:

  • Reviewing and amending the AML/CFT Act to ensure compliance with international standards
  • Drafting asset sharing legislation
  • Developing legislation for the regulation and supervision of virtual assets and service providers (VASPs)

Supporting Preparations for CFATF Mutual Evaluation

The NCC will also take a leading role in supporting Guyana’s preparation for the upcoming Caribbean Financial Action Task Force (CFATF) Mutual Evaluation in 2023 and coordinating future NRAs or national sectoral risk assessments.

Conclusion

Overall, the establishment of the NCC is a critical step towards mitigating ML/TF/PF risks in Guyana. The committee’s coordination efforts will ensure that Guyana’s AML/CFT/PF framework is comprehensive, effective, and aligned with international standards and best practices.