THE Caribbean Financial Action Task Force (CFATF), at its Plenary Meeting XL, and Special Ministerial V Meeting in El Salvador, yesterday urged Guyana to implement its action plan that was approved by CFATF’s parent body, the Paris-based Financial Action Task Force (FATF).

President Donald Ramotar had written FATF’s President, Mr. Roger Wilkins pledging on behalf of Guyana, the Government’s high level political commitment to implement the action plan developed between the Guyana Government and the International Cooperation Review Group (ICRG).

That letter was delivered to Mr. Wilkins by Attorney General and Minister of Legal Affairs, Anil Nandlall in October in Paris, France.
The letter recognises the high-level political commitment which President Ramotar has given to bring Guyana into compliance with the international Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime.
In October 2014, Guyana made a high-level political commitment to work with the FATF and CFATF to address its strategic AML/CFT deficiencies. FATF, on its website, stated that Guyana will work on implementing its action plan to address these deficiencies.

Among those listed are: adequately criminalising money laundering and terrorist financing; establishing and implementing adequate procedures for the confiscation of assets related to money laundering; establishing and implementing an adequate legal framework for identifying, tracing and freezing terrorist assets; establishing a fully operational and effectively functioning financial intelligence unit; establishing effective measures for customer due diligence and enhancing financial transparency; strengthening suspicious transaction reporting requirements; and implementing an adequate supervisory framework.
In the meanwhile, Antigua and Barbuda, Dominica, El Salvador, Guatemala, Grenada, St Kitts and Nevis, and Trinidad and Tobago all graduated out of the CFATF/ ICRG review process, Attorney-General Nandlall said.
Guyana, unfortunately, remains as the only country in the CFATF grouping that was referred to, and is under review at the FATF/ICRG level.
The Attorney-General had earlier this week informed the meeting in El Salvador that the AML non legislative measures are being implemented with dispatch and there is the possibility that these will be completed long before the May 2015 deadline.
With regards the legislative measures, the Attorney-General pointed out that this is the area which continues to pose tremendous challenges to the Government of Guyana since up until the Paris meeting, the majority comprising the joint Opposition in the National Assembly refused to lend their support to the enactment of the AML/CFT (Amendment) Bill which captures all the requisite legislative measures.
Yesterday also, Anand Ramlogan, Trinidad and Tobago’s Attorney General was elected the Deputy Chairman of CFATF. The Chairperson is Allyson Maynard-Gibson, Attorney General of the Bahamas.

(GINA)