Combating Terrorism Financing in Guyana: Enhanced Mechanisms for National Security
Introduction
The Financial Intelligence Unit (FIU) of Guyana has been working diligently to combat terrorism financing (TF) through various mechanisms aimed at identifying and reporting suspicious transactions.
Identifying Suspicious Transactions
The FIU uses a Short-Term Risk-based Approach (STRs) to identify connections to TF activity. Additionally, the unit conducts daily checks against the UN Consolidated List for TF designations and communicates any changes electronically to reporting entities through their supervisory authorities.
- Risk-based Approach: The FIU employs a risk-based approach to identify suspicious transactions related to terrorism financing.
- UN Consolidated List: The unit checks against the UN Consolidated List for TF designations, ensuring that reporting entities are informed of any updates and changes.
Alerts and Investigations
The FIU has generated alerts sent to analysts with specific TF training for further investigation and analysis. Although no alerts have been triggered related to designated persons or entities, the system is in place to detect potential threats.
- Alerts: The FIU sends alerts to analysts trained in TF identification, enabling them to investigate and analyze suspicious transactions.
- Investigation and Analysis: Analysts with TF training conduct further investigation and analysis of alerts to identify any potential threats.
International Cooperation
International cooperation is a vital component of Guyana’s anti-terrorism strategy. Between 2018 and April 2023, the FIU received five requests for information relating to TF from other Financial Intelligence Units (FIUs) and made one spontaneous disclosure and received another.
- International Cooperation: The FIU collaborates with other FIUs to exchange information and combat terrorism financing.
- Requests for Information: The FIU has received requests for information from other FIUs, demonstrating the importance of international cooperation in combating TF.
Investigating Money Laundering and Terrorism Financing
The Special Organised Crime Unit (SOCU) is responsible for investigating money laundering, TF, and other financial crimes. Since 2018, SOCU has investigated all TF matters referred to it by the FIU but did not reveal any actual instances of TF. However, the unit has implemented measures to improve its ability to combat TF and related offenses.
- SOCU’s Role: SOCU investigates money laundering, TF, and other financial crimes, working closely with the FIU to combat terrorism financing.
- Measures to Improve Combating TF: The unit has implemented measures to enhance its capabilities in combating TF and related offenses.
Conclusion
Guyana’s efforts to combat terrorism financing are a crucial step in preventing the financing of terrorist activities and protecting the country from the threat of terrorism. The FIU’s enhanced mechanisms, including the STRs approach, UN Consolidated List checks, alerts, and international cooperation, demonstrate the country’s commitment to combating TF and ensuring national security.
- Combating Terrorism Financing: Guyana’s efforts to combat TF are a vital component of the country’s national security strategy.
- Enhanced Mechanisms: The FIU’s enhanced mechanisms ensure that suspicious transactions related to terrorism financing can be identified and reported, preventing the financing of terrorist activities.