ATTORNEY GENERAL and Legal Affairs Minister Basil Williams made representation for Guyana at the recently concluded meeting of the Financial Action Task Force (FATF) in Busan, South Korea on June 24. The high-level meeting in South Korea precedes another such meeting of the G20 countries, the world’s top 20 economies, in July, when recommendations will be made for improving the implementation of FATF standards globally.
At the July meeting of the G20 countries, recommendations from the Korea meeting will be presented around the areas of the global response to terrorist financing, as well as the need for improved transparency as it relates to corporations which store assets abroad to avoid paying taxes in the countries they operate.
An agenda of the South Korea meeting, according to the FATF website, says that meeting included delegates from some 190 member countries of the FATF and FATF-Style Regional Bodies and the United Nations (UN), International Monetary Fund (IMF), World Bank.
The goal of the FATF, according to their website, is to “set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering and the financing of terrorism and proliferation.”