Guyana defends favourable ratings at CFATF Plenary
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Guyana defends favourable ratings at CFATF Plenary
Minister of Legal Affairs along with other representatives from Guyana
GUYANA’S 4th Round Mutual Evaluation Report was adopted at the Caribbean Financial Action Task Force (CFATF) 58th Plenary and Working Group Meetings held from June 2, to June 7, in Port of Spain, Trinidad and Tobago.
The country’s representatives, including Mohabir Anil Nandlall, Attorney General and Minister of Legal Affairs, have successfully defended the favourable ratings the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) architecture received after a Mutual Evaluation Exercise was completed.
The Attorney General’s Chambers, in a statement, said this Mutual Evaluation Exercise consisted of a comprehensive examination of the country’s AML/CFT regime, including a two-week on-site examination which took place last September.
The statement further noted that the draft report was adopted after intense scrutiny and discussions at the plenary which consisted of over 200 high-level officials from across the Caribbean, Canada, United Kingdom, United States, Organisation of the American States (OAS), International Monetary Fund (IMF) and Financial Action Task Force (FATF).
The assessment is a peer review process where experts from CFATF and FATF jurisdictions assess national measures implemented which are designed to prevent, detect, investigate and prosecute money laundering, terrorism financing and proliferation financing, including the forfeiture of criminal instrumentalities and proceeds and assets derived from crime.
“At this face-to-face interrogative peer review engagement, Guyana successfully withstood scrutiny and was able to defend the favourable assessment it received. The adopted Draft Report will now undergo a quality and consistency process with the Financial Action Task Force and the Global Network, prior to its publication later in 2024.
Whilst the ratings remain confidential until the conclusion of the process, Guyana has provisionally gained good ratings in light of its national coordination mechanisms, the understanding of its risk and context and the operations of its Financial Intelligence Unit (FIU),”
The statement also reads, “Guyana also has demonstrated that it has mechanisms for effective supervision, and preventative measures to enable authorities to combat money laundering and terrorist financing, which encourage the abilities of financial institutions and designated non-financial business professions (DNFBPs) as gatekeepers towards ensuring that they are not abused for AML/CFT purposes.”
The legislative agenda to reform the AML/CFT framework was successful, with Guyana provisionally succeeding in 88% of the recommendations being rated compliant or largely compliant, with 12% rated partially compliant. In none of the areas in which Guyana was examined were there any provisional rating as non-compliant
Nandlall, who led Guyana’s delegation assured the Plenary that his country recognises the need to continue to invest in law enforcement authorities to ensure that the ability to combat money laundering, terrorist financing and proliferation financing remains paramount and gains further tangible results in its follow-up process.
Guyana will report back to the CFATF in November 2025 on its follow-up actions based on the final published report. The Guyana delegation included officials from the Attorney General’s Chambers and Ministry of Legal Affairs, the Bank of Guyana, the Financial Intelligence Unit (FIU), the Ministry of Natural Resources, the Guyana Geology and Mines Commission (GGMC), the Guyana Gold Board, the Special Organised Crime Unit (SOCU), the Guyana Securities Council, the Treaty Office of the Ministry of Home Affairs, the Guyana Revenue Authority (GRA), the Gaming Authority (GA) and the Office of the Director of Public Prosecutions (DPP). Please see attached the address of the Hon. Attorney General to the Plenary
https://guyanachronicle.com/2024/06/09/guyana-defends-favourable-ratings-at-cfatf-plenary/
By Staff Reporter
