Financial Crime World

Technical Resources Crucial for Effective Terrorism Investigation

The lack of dedicated sections and specialized training within the Financial Intelligence Unit (FIU), Special Organised Crime Unit (SOCU) and Office of the Director of Public Prosecutions (DPP) has been a major concern in Guyana’s fight against terrorism financing (TF). However, recent developments aim to rectify this issue and enhance the country’s ability to effectively analyze, investigate, and prosecute TF-related matters.

Strengthening Technical Resources

The FIU will receive specialized training on receiving and analyzing Suspicious Transaction Reports (STRs) related to TF. Its department will be staffed with specialized members focused on countering terrorism and TF-related issues. Similarly, SOCU and the DPP will be adequately structured, funded, and staffed by personnel with appropriate training and skills in dealing with financial crimes, civil recovery, and other resources.

Investigation Manual and Standard Operating Procedures

The implementation of an investigation manual, standard operating procedures, and a code of conduct for SOCU using international best practices is also underway. This will ensure a more structured approach to conducting investigations and measuring progress towards desired outcomes. The DPP office will receive additional space and staff, including an expert financial crimes prosecutor, to enhance its capabilities.

Risk Assessment and Supervision

The country has made significant strides in understanding the risks associated with TF. A National Poverty Outlook (NPO) TF risk assessment was finalised in 2022, which found the risk to be low. The FIU has provided guidance on suspicious transaction reporting to assist reporting entities in implementing their obligations.

  • Supervisory authorities are working closely with the FIU to ensure that reporting entities comply with legislative provisions related to freezing funds or other assets linked to individuals or entities sanctioned by the United Nations Security Council (UNSC).
  • During examinations and inspections, supervisory authorities confirm and assess the adequacy of sanction screening mechanisms for targeted financial sanctions.

Typologies and Development

The development of typologies is crucial in identifying new methods used by criminals to evade detection. While there are existing typologies in use, a short guide on developing such tools has been provided in Appendix I.

Specific Outcomes

The implementation of these measures aims to achieve the following 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
  • Strengthen detection strategies in connection with risks arising from new technologies

Guyana’s efforts to strengthen its technical resources will undoubtedly enhance its ability to combat terrorism financing and other financial crimes, ultimately contributing to a safer and more stable society.