Guyana cleared by CFATF

GUYANA has been cleared by the Caribbean Financial Action Task Force (CFATF), less than a month after successfully exited the Financial Action Task Force (FATF) regime.This disclosure was made by the Attorney General and Legal Affairs Minister, Basil Williams who is presently attending a CFATF Plenary and Working Group Meeting in Turks and Caicos.

CFATF is expected to release a report on this new decision soon.

In May 2014, CFATF had handed over Guyana to the Financial Action Task Force due to the country’s then failure to meet the agreed timelines in its Action Plan. However, since then significant progress has been made resulting in the country being removed from FATF’s watch list last month.

Minister Williams had said that Guyana’s removal from FATF’s Compliance Document had paved the way for a similar removal from CFATF’s monitoring process this month.

Though the country has made significant progress in its fight to combat Money laundering and the financing of terrorism under the A Partnership for National Unity + Alliance for Change (APNU+AFC) Government, it will have to ensure that persons in the business of money laundering, terrorist financing and theft of state assets are convicted, ahead of the Fourth Round of Evaluation.

The collaborative work between Financial Intelligence Unit (FIU) and the Special Organised Crime Unit (SOCU) has landed a number of suspected money launders before the Courts but no conviction has been made thus far.

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