Financial Crime World

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Guyana Slammed by Caribbean Financial Watchdog for AML/CTT Failures

The Caribbean Financial Action Task Force (CFATF) has labeled Guyana as a jurisdiction with significant Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) deficiencies, citing the country’s failure to make sufficient progress in addressing these shortcomings.

CFATF’s Concerns

  • Guyana has failed to fully criminalize money laundering and terrorist financing offenses
  • Strengthen requirements for suspicious transaction reporting are needed
  • International cooperation is not being adequately implemented

This is not the first time Guyana has faced criticism from the CFATF; in 2011, the organization identified several strategic deficiencies in Guyana’s AML/CFT regime and developed an Action Plan with target dates for addressing these issues.

Belize Praised for Progress

In contrast, Belize was praised by the CFATF for making significant progress in addressing its AML/CFT deficiencies. The country has implemented several key measures, including:

  • Customer due diligence requirements
  • A CFT framework
  • Expanded AML/CFT coverage to designated non-financial businesses and professions (DNFBPs)

Implications for International Banking

The CFATF’s decision to label Guyana as a jurisdiction with significant AML/CFT deficiencies could have significant implications for international banking. Countries may choose to:

  • Implement enhanced due diligence measures
  • Refuse to establish subsidiaries or branches in Guyana
  • Limit business relationships and financial transactions with the country

Conclusion

For its part, Belize has demonstrated its commitment to improving its AML/CFT regime and is working to complete its reform process. The CFATF’s positive assessment of Belize’s progress suggests that the country may be able to avoid more stringent countermeasures in the future.

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