GUYANA has sent a high-level delegation to meet today and tomorrow with the Americas Regional Review Group (ARRG), to discuss matters pertaining to its referral to the Paris-based Financial Action Task Force (FATF).

Heading the delegation is Attorney-General and Minister of Legal Affairs, Mr. Anil Nandlall. Other members of the team include head of the Financial Intelligence Unit (FIU), Mr. Paul Geer; Head of the Special Organized Crime Unit (SOCU), Lt. Col. Sydney James; and Deputy Governor of the Bank of Guyana, Dr Gobind Ganga.
The meeting reportedly precedes the AARG’s presentation of its findings following a targeted review of Guyana’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework at the behest of the FATF.
In a letter dated July 9, 2014, FATF officially confirmed its decision to commence a targeted review of Guyana prior to its October 2014 plenary meeting. And the international watchdog body made it clear that the purpose of that targeted review would be to examine the most significant deficiencies in Guyana’s AML/CFT framework that pose a risk to the international financial system.
FATF also said in its July 9 missive: “This review will be conducted by the International Cooperation Review Group (ICRG), Americas Regional Review Group (ARRG), co-chaired by Ms. Darlene Boileau (Canada) and Ms. Maria Fernanda Garcia-Yrigoyen Maúrtua (Peru).”
It further said, “In our capacity as ICRG Co-Chairs, we now request your full cooperation in assisting the ARRG to conduct this work, including by providing up-to-date information on your jurisdiction related to AML and CFT issues, as requested by the ARRG co-chairs.”
The letter also indicated that Guyana would be given an opportunity to review the draft targeted review, and to have a face-to-face meeting, starting today, with the ARRG.

ACTION PLAN
Minister Nandlall told the Guyana Chronicle prior to leaving for Miami that as part of the FATF review, steps that should be taken to address Guyana’s deficiencies through the development of an action plan have been identified.
“We are going to be discussing that action plan when we meet,” Minister Nandlall said, adding that there have been moves in Guyana in areas that do not require legislative actions, non-legislative successes in improving Guyana’s AML/CFT framework.
He noted that after Guyana’s meeting with AARG, the latter is expected to complete its report on the targeted review of Guyana.
At its next meeting, slated for between October 20-24, 2014 in Paris, France, the FATF is expected to discuss the results of Guyana’s targeted review.
Meanwhile, the Parliamentary Special Select Committee reviewing the AML/CFT (Amendment) Bill has not met since June. The Chairperson of the Committee, Ms. Gail Teixeira, disclosed that the next scheduled meeting is slated for October 15, having been moved from the initial date of October 10. The last suggested dates for meetings of the Committee were July 8, 10 and 30, all three of which were rejected on the basis on the unavailability of opposition members sitting on the committee.
The passage of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) (Amendment) Bill has been the centre of much political contention for almost two years now.

(By Vanessa Narine)