The recent charges laid against Assistant Commissioner of Police (ACP), Calvin Brutus for his involvement in alleged financial crimes, is by no means, an indication that Guyana’s Anti-Money Laundering (AML) framework is weak in any respect. This is according to Vice President (VP) Dr. Bharrat Jagdeo. His response was made on Wednesday during a press conference as he addressed concerns raised by the People’s National Congress/ Reform (PNC/R’s) Executive Member, Ganesh Mahipaul.
On Monday at the PNCR’s press briefing, Mahipaul raised the party’s doubts about the robustness of Guyana’s anti-money laundering system, amid charges being laid against Brutus for his involvement in alleged financial crimes. Mahipaul said, “Many Guyanese are rightfully questioning, how is it possible for any citizen, much less a politically exposed person like the Assistant Commissioner of Police, to amass almost a billion dollars of questionable resources without setting off money laundering or proceeds of crime red flags?”
At his press conference on Wednesday, Jagdeo responded and labelled Mahipaul’s statement as a “profound lack of knowledge of how the Anti-Money Laundering Act works.” He said, “A clown like Mahipaul, talking about, oh, this system didn’t work… He just doesn’t know how the system works. He just doesn’t know.”
Jagdeo noted that Guyana recently had an evaluation done by the Caribbean Financial Action Task Force (CFATF), which confirmed that the country’s legislation and institutional framework are consistent with international standards. “This is a major thing, because you’re evaluated based on international standards and based on comments from your peers, that just happened. So, our institution, strategy, policy and legislation are in line with international money laundering laws and practices,” he emphasized.
Jagdeo also outlined how the system works, sharing that banks, the Financial Intelligence Unit (FIU), the Special Organized Crime Unit (SOCU), and the Guyana Revenue Authority (GRA) are all layers in the system. For instance, he said, “So if you go to a bank and you make a deposit that is above a threshold, or the bankers suspect that you’re making a transfer that is of a suspicious nature, they have to file a suspicious transaction report with the FIU.” He noted that this will then trigger an investigation.
Notably, Jagdeo cautioned, “If you bypass one layer, you get caught at another layer. It means the system is working. You may go unnoticed for a while, but ultimately, the system will pick you up…”
The Vice President underscored the government’s commitment to holding everyone accountable for their wrongdoings and stated that the fact that Brutus was charged proves the system is working.
