As a direct result of the government’s rigorous policies and legislative reforms since 2020, Guyana has made notable strides within the Anti-Money Laundering, Countering the Financing of Terrorism (AML/CFT) Regime. In fact, President Dr. Mohamed Irfaan Ali, during a press conference at State House on Thursday, announced that 88 percent of Guyana’s legislative framework was found to be compliant by the Caribbean Financial Action Task Force (CFATF).
“Approximately, 88% of our legislative requirements were found to be compliant or largely compliant, with 12% as partially compliant, which we are currently working on to address through measures such as the drafting of the new bills related to companies, trusts, and the management of depreciating confiscated assets,” President Ali told reporters.
To illustrate the challenges overcome to achieve this compliance, the president noted that the government faced a disadvantage for two years of the assessed period, specifically 2018 and 2019, due to minimal tangible action taken by the previous administration.
“The government therefore had to embark on a novel collaborative process, which brought Guyanese together from the public and private sector in areas of finance, natural resource, beneficial ownership, and law enforcement in meeting these goals,” he said, applauding the efforts of these stakeholders.
Upon taking office, the PPP/C government identified key deficiencies that needed addressing, including the need for more human and financial resources for the Special Organised Crime Unit, a lack of subversive oversight for accountants, and legislative gaps in areas like confiscation and targeted financial sanctions.
To address these issues, the government implemented policies to increase transparency, accountability, and enforceability, building a stronger system overall.
“We completed our national risk assessment in 2021, providing an updated view of the country’s framework. We completed the development of an action plan towards [the] targeting of resources to adequately combat and prevent money laundering and terrorist financing in the country,” President Ali explained.
The government also rectified several legislative and administrative deficiencies that had previously hindered the Financial Intelligence Unit (FIU) from participating in the global information exchange body for other FIUs. In February of this year, Guyana joined the prestigious Egmont Group, the International Association of Financial Intelligence Units, enhancing its ability to tackle these challenges through improved collaboration.
**Legislative Interventions**
In 2023, the Guyana Compliance Commission Act was passed in the National Assembly, providing essential supervisory oversight for designated non-financial businesses or professions and non-bank financial institutions. This legislation enhances the compliance, guidance, and training regime on money laundering and terrorism financing in Guyana.
Additionally, the recently passed Real Estate Agents and Brokers Bill establishes a code of conduct for real estate agents and brokers. Robust amendments were also made to the Anti-Money Laundering and Countering the Financing of Terrorism Act of 2009, strengthening the government’s legislative ability to forfeit assets and proceeds of crime.
“On the enforcement side, we saw significant action in cash seizures by GRA, seizure of gold by Customs Authority and Guyana Police Force, seizure and restraint of vehicles by CANU and SOCU, as well as other instrumentalities such as aircraft and marine assets,” President Ali added.
These monumental strides received technical support from the International Financing Agency, the National Centre for State Courts, the Caribbean Financial Action Task Force, and the Regional Security System Asset Recovery Unit.
“These results are not accidental at all. They’re based on strong work and commitment, and I’m very pleased with the commitment and work in achieving this result,” the president asserted. (Modified from DPI).
