Financial Crime World

Guyana Establishes National Coordination Committee to Mitigate ML/TF/PF Risks

Georgetown, Guyana - In a bid to strengthen the country’s fight against money laundering (ML), terrorist financing (TF), and proliferation of weapons of mass destruction (PF), Guyana has established the AML/CFT/PF National Coordination Committee (NCC).

Overview

The NCC will be responsible for defining, overseeing, and coordinating the implementation of the national AML/CFT/PF strategy, as well as ensuring effective mechanisms are in place to facilitate cooperation and coordination among policy makers and key stakeholders.

Roles and Responsibilities

  • Policy: Developing and implementing policies to combat ML/TF/PF
  • Leadership: Providing strategic direction and oversight for the NCC’s activities
  • Strategic: Updating the national risk assessment (NRA) and conducting outreach and training for competent authorities and stakeholders
  • Implementation Oversight: Ensuring effective implementation of the national AML/CFT/PF strategy
  • Administration: Managing the day-to-day operations of the NCC

Key Projects

The NCC will take a leading role on key projects such as:

  • Supporting the preparation for the upcoming CFATF Mutual Evaluation in 2023
  • Coordinating any future NRAs or national sectoral risk assessments

Administrative Support

The committee is supported administratively by the Attorney General Chambers Secretariat.

Legislative Framework

The establishment of the NCC is seen as a major step in Guyana’s efforts to mitigate ML/TF/PF risks and strengthen its position in the global fight against these threats. The committee will work closely with international partners and stakeholders to ensure that Guyana remains compliant with all relevant international standards and best practices.

Conclusion

The NCC will play a crucial role in strengthening Guyana’s AML/CFT/PF legislative framework, which will involve reviewing and amending the AML/CFT Act to ensure compliance with international standards, drafting asset sharing legislation, and developing legislation for the regulation and supervision of virtual assets and service providers. The establishment of the NCC is a significant step forward in Guyana’s efforts to combat ML/TF/PF risks and protect its financial system.