GUYANA continues to be placed under a regime of assessment by the Caribbean Financial Action Task Force (CFATF), the regulatory body for over sighting countries under its sphere of influence, to determine whether those countries are in a state of readiness to combat the crime of money laundering. Guyana was found wanting in many respects and CFATF sent a team to visit Guyana and to examine the legal and legislative landscape, and its infrastructural capacity to combat money laundering and the financing of terrorism as international crimes which prevail in the world today.

The latest development on this issue, according to Attorney General (AG) and Minister of Legal Affairs, Mr Anil Nandlall, is that Guyana was required to submit a mutual evaluation update indicating what recommendations made by CFATF have been implemented thus far. This report was submitted on August 26, a deadline fixed by CFATF.
According to the AG, the recommendations fall into two broad categories- legislative and non legislative

LEGISLATIVE
“Ninety percent of the recommendations is legislative in nature. These are captured and contained in the bill which I laid in the Parliament and which the Opposition used their majority to send to a select committee. At the select committee they again used their majority to frustrate the process in a number of ways and eventually preventing the committee from concluding its work to have the bill presented to the Parliament before the August 26 deadline,” the AG stated.
“In fact using their majority, they adjourned the select committee to reconvene until October, thereby causing Guyana to miss the deadline. This situation was explained in the report submitted on August 26. It was made patently clear, that the Opposition is solely responsible for Guyana being unable to meet the legislative requirements,” he explained.
Unfortunately however, the AG stated, CFATF is unconcerned about the reasons why a nation is delinquent. “Their position is that as an international regulatory body, they require compliance with international requirements. If there is non-compliance, then there are sanctions. The reasons for the noncompliance are immaterial. Hopefully, the people of Guyana are aware of who are responsible if sanctions are imposed; at the end of the day, it is every single Guyanese citizen who will bear the brunt of those sanctions.”

NON LEGISLATIVE
Government is making every effort and will continue to make every effort to ensure that the non-legislative component of CFATF recommendations are implemented within the time prescribed, he stated.
Thus far, supervisory authorities have been appointed to scrutinise the conduct of all agencies which fall under the scope of the money laundering legislation in Guyana.
“Significantly, guidelines have been drafted with assistance from experts provided by the Canadian Government which will regulate how these agencies and their officers are to discharge their daily functions and statutory responsibilities. Also, government is moving apace to ensure that Guyana’s obligations under certain treaties indentified by CFATF are discharged for example the Vienna and Palermo conventions,” the AG noted.
A workshop was arranged by the Director of Public Prosecutions (DPP) in conjunction with the British High Commission where an expert on money laundering presented a manual on the confiscation of property suspected to be the proceeds of money laundering. This workshop was attended by prosecutors in the DPP’s chambers as well as in the police force.
It is expected that the judiciary will undertake a similar workshop for magistrates and judges, the AG stated.
“CFATF specifically recommended the establishment of a special unit on organised crime. Government is currently in the process of establishing such a unit within the Guyana Police Force. This unit will be separately staffed and adequately resourced and will deal exclusively with the investigation of money laundering offences.”
Another recommendation which is being implemented at a governmental level, AG Nandlall stated, is the establishment of a national joint action task force to monitor the enforcement of the money laundering legislation. This unit brings together under a singular umbrella a number of important state agencies including the Office of the President, the AG, the Ministers of Home Affairs and Finance, the DPP, Bank of Guyana, Guyana Revenue Authority, GPF and Customs Anti Narcotics Unit (CANU).
“I say all of this to demonstrate the undoubted commitment of the government to ensure as far as possible that Guyana implements the recommendations made by CFATF. It also demonstrates that the government is doing everything possible to bring Guyana into compliance with the recommendations and the Opposition is doing everything possible to ensure that Guyana is not compliant.”
If anyone is in doubt about who are acting in the best interest of the Guyanese people, and who are not, the anti money laundering fiasco presents a shining example, he said.

PENALTIES
The unfortunate reality is if Guyana is found to be non-compliant at the November meeting of CFATF, then Guyana will be declared a non-compliant jurisdiction.
If that happens, then Guyana will be placed on a list of delinquent countries, and countries, international financial institutions and businesses worldwide would be invited to impose whatever sanctions they deem fit upon Guyana and businesses operating in Guyana, and financial transactions emanating from Guyana.
“This may range from complete termination of business relations to extreme caution being taken when dealing with Guyana and Guyanese business transactions. Ultimately, the Guyanese people will be made to suffer, and the government must not be blamed,” the AG concluded.