Financial Crime World

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Technical Resources Crucial for Effective Terrorism Analysis

The fight against terrorism requires specialized technical resources to effectively analyze, investigate, and prosecute related matters. Unfortunately, Guyana’s law enforcement agencies currently lack dedicated or specialized sections for dealing with terrorist financing (TF). Furthermore, they have not benefited from any specialized TF training, relying instead on general money laundering/terrorism-related training.

Strengthening Capacity

To address this gap, the Financial Intelligence Unit (FIU) will receive specialized training to analyze and process Suspicious Transaction Reports (STRs) related to TF. The FIU’s department will be staffed with specialized members dedicated to countering terrorism and TF-related matters. Similarly, the Special Organized Crime Unit (SOCU) and Office of the Director of Public Prosecutions (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.

Enhancing Investigation Process

To enhance the investigation process, a new unit has been established under the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Act 2023. The Anti-Terrorism Task Force will comprise representatives from various law enforcement agencies, including the FIU, SOCU, DPP, and others.

Raising Awareness and Risk-Based Approach

To ensure a national and uniform understanding of risks, Guyana has conducted several risk assessments, including a National Priority Occupation (NPO) TF risk assessment in 2022. The results showed a low-risk exposure for NPOs. To provide adequate sensitization and increase the understanding of the sector’s risk exposure, outreach exercises have commenced.

Furthermore, supervisory authorities are continuously ensuring that reporting entities comply with legislative provisions on freezing funds or other assets related to individuals or entities published by the United Nations Security Council (UNSC) pursuant to UNSCRs 1267, 1373, and 1718 and their successor resolutions.

Developing Typologies

The development of typologies is crucial in identifying and preventing TF. Guyana has developed a short guide towards developing such typologies, as outlined in Appendix I.

Specific 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

The implementation of these measures is crucial in ensuring Guyana’s compliance with international AML/CFT standards and effectively combating terrorism financing.