The Caribbean Financial Action Task Force (CFATF) is set to conduct the fourth round of mutual evaluation of Guyana’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework in September 2023. To prepare for this exercise, the Guyanese Government will table the Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Bill 2023 and the Guyana Compliance Commission Bill 2023 in the National Assembly.
The aim of these legal documents is to implement the outstanding recommendations of the CFATF and the Financial Action Task Force (FATF), as well as address identified deficiencies and overall strengthen Guyana’s AML/CFT framework.
In line with the government’s policy of publicly consulting with key stakeholders and citizens on significant legislation, the public is invited to submit recommendations and constructive input in writing in respect of the two Bills within 14 days from the announcement date. The Bills can be accessed on the Attorney General’s Chambers and Ministry of Legal Affairs website at www.mola.gov.gy.
The move to strengthen the AML/CFT framework is critical as it will help to mitigate money laundering, terrorism financing and other financial crimes. It will also demonstrate Guyana’s commitment to combatting these illicit activities and maintaining a secure financial system.
The public is encouraged to take an active role in the consultation process and to contribute towards the development of a robust AML/CFT framework that will protect Guyana’s financial system and ultimately, its citizens.
