CABINET last Tuesday finally approved the creation of the Serious Organised Crime Unit (SOCU) that will be dedicated to the investigations of suspect financial transactions suggestive of money laundering and financing of terrorism.

SOCU’s creation is in response to non-parliamentary recommendations from the Caribbean Financial Action Task Force (CFATF). Funding was also approved by Cabinet for the unit’s operations – Dr Luncheon.

The unit, expected to become operational before year-end, would be under the Commissioner of Police and would have a close relationship with the Financial Intelligence Unit (FIU), Secretary to the Cabinet, Dr Roger Luncheon informed yesterday.
Speaking at his usual post-Cabinet press briefing at the Office of the President in Georgetown, Luncheon said SOCU is intended to be Guyana’s response to its treaty obligations to investigate suspicious financial transactions.
SOCU’s creation is in response to non-parliamentary recommendations from the Caribbean Financial Action Task Force (CFATF), he said. Funding was also approved by Cabinet for the unit’s operations.
At an earlier press conference, Luncheon had said that the formation of a functioning and effective SOCU and its dedication to investigating anti-money laundering crimes will remain on the front burner.
Meanwhile, Guyana has violated every time-frame prescribed by CFATF. Currently, the country stands most likely to be placed on a list of non-compliant jurisdictions.
“Should that occur, the ramifications for our commercial sector and our image as an investment and tourist destination are indeed as far reaching as they are profound. In the end, every single Guyanese would be affected,” explained Attorney General, Anil Nandlall recently.
“Yet, the Opposition continues to make utterances which tend to suggest that they do not consider this as a matter of importance and urgency. Indeed, no other than the Leader of the Opposition was reported as saying that he is unconcerned about the deadlines fixed.
“According to him, the APNU’s priority is for Guyana to have a good Bill. It is either that the Leader of the Opposition does not understand the issues or does not care to understand the issues, and therefore wants Guyana to be blacklisted,” said Nandlall.

(By Telesha Ramnarine)