IMF lauds Guyana’s fight against money laundering, corruption
Attorney General and Minister of Legal Affairs, Basil Williams (center) meets with representatives of the International Monetary Fund (IMF)
Attorney General and Minister of Legal Affairs, Basil Williams (center) meets with representatives of the International Monetary Fund (IMF)

THE International Monetary Fund (IMF) has labelled as “commendable progress” the Government’s efforts towards strengthening the framework for Anti-Money Laundering and the Countering of Finance of Terrorism and Proliferation (AML/CFT/PF).

A team from the IMF visited Guyana last week to check up on the country’s progress in AML/CFT/PF specific towards Guyana’s Anti-Corruption Policy and Guyana’s legal and institutional framework relating to the United Nations (UN) Convention Against Corruption.
In a Concluding Statement on Monday, the team detailed its observation in this regard and on serval other issues.

During their visit to several government officials, representatives of the private sector, banks, labour unions and other stakeholders, the team also met with Attorney General and Minister of Legal Affairs, Basil Williams.

In the statement following visit, the IMF noted that Guyana has been officially removed from the European Commission’s Money-Laundering Blacklist in February 2019.
It also pointed out that the country is scheduled to undertake a mutual evaluation by the Caribbean Financial Action Task Force in 2022.

“The Financial Intelligence Unit (FIU) has been actively examining cases relating to suspicious transactions, money laundering, terrorist financing and criminal proceeds including those of PEPs, and is working towards greater collaboration with other global FIUs,” the IMF statement said.

Meanwhile, in a release to the media, the Attorney General’s Chambers stated that Minister Williams told the visiting team that upon coming into office in 2015, President Granger gave a high-level commitment to combat corruption.

Williams stated that as a result of this commitment and the zero tolerance to corruption stance of the Government, Guyana was able to make significant strides.
It successfully exited the Financial Action Task Force (FATF)/International Co-operation Review Group (ICRG) and Caribbean Financial Action Task Force (CFATF) third round mutual evaluation process.

“This was as a result of several amendments to the Anti-Money Laundering and Countering the Finance of Terrorism Act, Cap 10:11 and the passing of the Terrorism and Terrorist Related Activities Act 2015 which dealt with the Vienna Convention, Palermo Convention and the Terrorism Financing Convention,” the release stated.

In addition, the Attorney General told the team that legislation was passed giving effect to the UN Convention Against Corruption namely the State Assets Recovery Act 2017, the Witness Protection Act 2018 and the Protected Disclosures (Whistleblower) Act 2018.
The Attorney General and Minister of Legal Affairs also discussed with the IMF team the mandate of the AML/CFT/PF National Coordination Committee and Guyana’s upcoming fourth round mutual evaluation by the CFATF.

Meanwhile, the IMF visitors inquired of assets declarations of public officials and, responding to these inquiries, Chairman of the Integrity Commission, Kumar Doraisami highlighted the relevant provisions of the Integrity Commission Act, Cap 26:01 and the mandate of the Commission.

In the preliminary findings of the concluded mission, the team also commended the Government on proactive steps taken to fight corruption.

“The mission supports continued efforts by the authorities to strengthen institutional, governance and management practices, which will also help reduce vulnerability to corruption. It commends the ongoing efforts in modernizing the revenue administration and strengthening the public investment management system,” the document stated.
The visiting IMF team comprised Dr. Arnold McIntyre, Mr. Seedwell Hove, Mr. Aasim Hussain, Ms. Zara Mohammed, Mr. Julean Chow and Mr. Ippei Shibata.

Also in attendance were Director of the Financial Intelligence Unit (FIU), Matthew Langevine; Compliance and Outreach Officer of the FIU, Alicia Williams; Assistant Director of Supervision Division at the Bank of Guyana, Niranjanie Ramprashad and Deputy Chief Parliamentary Counsel, Joann Bond.

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