Guyana Takes Bold Step to Combat Terrorist Financing and Money Laundering
The Government of Guyana has adopted a comprehensive National Policy and Strategy for Combating Money Laundering, Terrorism Financing, and the Financing of Proliferation of Weapons of Mass Destruction. This five-year plan aims to enhance and improve Guyana’s Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) and Proliferation regime by addressing identified risks and implementing a risk-based action plan.
Background
Guyana is a member of the International Financial Action Taskforce (FATF) under which falls the Caribbean Financial Action Taskforce (CFATF). As such, Guyana must comply with set criteria to ensure it achieves a high level of compliance with FATF standards on combating money laundering, terrorism financing, and proliferation financing.
National Policy and Strategy
The National Policy and Strategy provides a guide for actions required to improve Guyana’s effectiveness in mitigating these risks. It will be reviewed every three years to determine whether any amendments are necessary.
Key Components
- Improve cooperation domestically and internationally
- Implement measures to combat related and predicate criminal offenses
- Enhance the country’s AML/CFT regime
- Strengthen institutions responsible for enforcing AML/CFT laws
- Increase public awareness of AML/CFT risks and benefits
Importance of International Cooperation
The Attorney General and Minister of Legal Affairs, Anil Nandlall, emphasized the importance of cooperation domestically and internationally in combating money laundering, terrorism financing, and proliferation financing. He noted that Guyana has made significant progress in addressing AML/CFT deficiencies identified by FATF and CFATF and is now preparing for its fourth-round mutual evaluation.
Recent Progress
The Government has been implementing measures to combat related and predicate criminal offenses, resulting in improved rankings in international reports such as the US Department of State International Narcotics Control Strategy Report (INCSR) and Transparency International Corruption Index. Guyana has also been removed from the European Union’s Blacklist on Taxation.
Future Plans
With the discovery of offshore oil deposits, Nandlall emphasized the importance of becoming a new frontier of integrity, prudence, fortitude, and commitment to the rule of law in preserving resources, protecting citizens, and advancing their welfare. The implementation of the National Policy and Strategy will not only bring Guyana into compliance with international obligations but also create a robust and resilient protective network that insulates the country from being contaminated by the proceeds of crime.
Organizations Involved
The following organizations are identified as part of the process:
- Attorney General’s Chambers
- Director of Public Prosecutions
- Financial Intelligence Unit
- Guyana Police Force
- Guyana Revenue Authority
- Ministries of Natural Resources and Finance
- AML/CFT Supervisory Authorities (such as the Bank of Guyana)