Financial Crime World

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Guyana Takes a Proactive Approach to Mitigate ML/TF/PF Risks

Georgetown, Guyana - The National Coordination Committee (NCC) has been established to oversee the implementation of Guyana’s Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Proliferation of Weapons of Mass Destruction (PF) strategy.

Overview

The NCC will play a crucial role in coordinating efforts to combat ML/TF/PF risks, ensuring effective mechanisms are in place for cooperation and coordination among policymakers and key stakeholders. The committee will also provide advice and guidance where necessary, reviewing compliance by relevant authorities with the AML/CFT Act and related policies.

Roles and Responsibilities

According to its terms of reference, the NCC has five primary roles:

Policy Role

  • Develop and implement policies and activities to combat ML/TF/PF
  • Ensure overall comprehensiveness of the AML/CFT legal framework
  • Update strategic plan based on risk assessments and changes in international standards

Leadership Role

  • Develop methodology for updating National Risk Assessment (NRA)
  • Conduct outreach and training to competent authorities, law enforcement agencies, and stakeholders on the importance of AML/CFT/ PF

Strategic Role

  • Coordinate AML/CFT analyses
  • Monitor evolution of ML/TF threats and vulnerabilities in Guyana
  • Ensure Cabinet approval of the National AML/CFT Strategic Plan

Implementation Oversight Role

  • Coordinate and monitor implementation of Risk Assessment Plan (RAP) and strategic plan’s action plan against agreed timelines
  • Expedite consolidation of AML/CFT Act and its subsequent amendments for effective utilization

Administrative and Operational Role

  • Prepare and support meetings
  • Create subcommittees as required
  • Provide administrative support to ensure effective functioning of the committee

Additional Roles

The NCC will take a leading role on key projects, including:

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

Guyana has also identified several strategic objectives to strengthen its AML/CFT/ PF legislative framework, including:

  • Reviewing and amending the AML/CFT Act to ensure compliance with international standards
  • Drafting asset sharing legislation
  • Developing legislation for regulation and supervision of virtual assets and service providers

Conclusion

The country’s efforts to mitigate ML/TF/PF risks are crucial in preventing the misuse of its financial system and ensuring a safer and more stable environment for businesses and individuals. The NCC will play a vital role in coordinating these efforts and ensuring Guyana remains compliant with international standards and best practices.