THE Attorney-General and Minister of Legal Affairs, Anil Nandlall informed the Guyana Chronicle in an invited comment that the Financial Action Task Force (FATF) is still to write Guyana on the targeted review expected to be done, following its acceptance of the country’s referral from the Caribbean Financial Action Task Force (CFATF).

FATF’s announcement that Guyana would be subjected to a targeted review was a result of the country’s shortcomings in its anti-money laundering and countering the financing of terrorism (AML/CFT) legislation in regard to compliance with international standards; and that the results of that review would be made public at a meeting in October.
Prior to the CFATF referral of Guyana to FATF on May 29 it was indicated that the country’s non-compliance with international standards would have been addressed with the passage of the AML/CFT (Amendment) Bill.
The Bill to meet the requirements of the FATF-Style Regional Bodies (FSRB), CFATF was tabled in the National Assembly in April 2013, but was subsequently referred to a Parliamentary Special Select Committee and eventually voted down by the combined Opposition in November 2013. The bill was re-tabled in December 2013, and was again referred to the Parliamentary Special Select Committee chaired by Ms. Gail Teixeira, where it has since been languishing.
The last Select Committee meeting was in mid-June and up to press time there has been no confirmation of a date for the next meeting.
In November 2011, the CFATF first brought to the attention of its members certain jurisdictions — including Guyana — with significant strategic deficiencies in their AML/CFT regimes. The intent was to encourage expeditious rectification of the identified strategic deficiencies.
Guyana and the CFATF developed an Action Plan with identified target dates to address the strategic deficiencies that exist in Guyana’s national architecture to combat money laundering and the financing of terrorism. However, the Government and the combined Opposition have been in gridlock over compliance in the areas requiring the passage of legislation.
Government has repeated its willingness to have the bill passed, and has demonstrated its commitment to same; but up to the last meeting of the Parliament Special Select Committee no movement had been made with the Bill.
Additionally, despite the announcement of a targeted review by FATF, the counter-measures advised to be taken against Guyana by CFATF, which officially blacklisted Guyana regionally, remain in force. These include, among other counters, enhancing due diligence measures in transactions with Guyana; introducing enhanced reporting mechanisms or systematic reporting of financial transactions; refusing to establish subsidiaries or branches or representative offices in Guyana, or otherwise taking into account the fact that Guyana’s relevant financial institutions do not have adequate AML/CFT systems and accordingly limit business relationships or financial transactions with Guyana or persons in Guyana.

(By Vanessa Narine)