Guyana Enhances Cooperation on ML/TF/PF Issues
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Guyana has launched a series of initiatives aimed at strengthening cooperation on Money Laundering (ML), Terrorism Financing (TF) and Proliferation Financing (PF) issues. The efforts are focused on building the capacity of the Financial Intelligence Unit (FIU) to better detect and prevent ML/TF/PF activities, as well as enhancing collaboration between law enforcement agencies, supervisory authorities, and reporting entities.
Building Capacity
The government has developed a National Risk Assessment (NRA) which identified several areas of concern, including the use of money transfer agencies for TF. In response, the Bank of Guyana has launched an initiative to improve the efficiency of preventive monitoring systems at financial institutions under its purview.
Risk-Based Approach
Supervisory authorities are adopting a risk-based approach to ensure that reporting entities in various sectors are adequately equipped to identify and mitigate ML/TF/PF risks. The FIU has also provided guidance on suspicious transaction reporting to assist reporting entities in the DNFBP sector.
National Non-Profit Organization (NPO) TF Risk Assessment
The government has finalized a NPO TF risk assessment, which found a low risk exposure. However, outreach exercises have commenced to further sensitize NPOs of their AML/CFT/CPF responsibilities and obligations as reporting entities.
Compliance with UN Security Council Resolutions
Supervisory authorities are working to ensure that reporting entities comply with UN Security Council resolutions related to freezing funds or other assets related to individuals or entities suspected of ML/TF/PF activities. Inspections have confirmed that reporting entities are adequately screening for targeted financial sanctions.
Typologies Development
The government is focusing on developing typologies, which will provide guidance on identifying and preventing ML/TF/PF activities. The development of typologies is outlined in Appendix I.
Key Outcomes
- Improve and develop understanding of risks
- Communicate the results of various risk assessments to supervisory authorities and reporting entities
- Increase risk-based supervision, taking into account the specific risk situation of each sector and reporting entity
- Ensure adequate supervision for legal persons and legal arrangements that may be abused for TF
Strengthening Detection Strategies
Guyana has launched an initiative to strengthen detection strategies in connection with risks arising from new technologies. The government recognizes the challenges posed by digitization and the rise of new technologies, particularly in connection with services that allow users to remain anonymous.
Virtual Assets and Virtual Assets Service Provider Risk Assessment
The virtual assets and virtual assets service provider risk assessment is a key area of focus, with the government working to develop effective strategies for detecting and preventing ML/TF/PF activities in this space.