GUYANA has, from all indications, managed to avert being placed on an international blacklist by the Paris-based Financial Action Task Force (FATF).

This is according to the Attorney-General and Minister of Legal Affairs, Mr. Anil Nandlall, who told the Guyana Chronicle that credit for this feat should go to the high-level commitment of the Government, coupled with demonstrable actions taken by the country.
“Guyana, once again, has been able to avert being placed on a blacklist by the Financial Action Task Force, largely due to the high level commitment of the government coupled with demonstrable actions taken in the country’s attempts to comply with recommendations made to address the technical deficiencies identified in the country’s AML/CFT (Anti-Money Laundering and Countering the Financing of Terrorism) regime,” he said.
Guyana was referred to FATF last November by the Caribbean Financial Action Task Force (CFATF), after missing a compliance deadline, as a result of which the country was blacklisted regionally.
The move was a result of Guyana’s cited failures relative to the passage of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) (Amendment) Bill, which continues to languish before the Parliamentary Special Select Committee reviewing the Bill.

ONGOING REVIEW PROCESS
However, despite having averted the devastating consequences of being blacklisted, Guyana, the AG disclosed, will be subjected to an “Ongoing Process in Improving Compliance” to ensure that the country’s AML/CFT framework is up to par with international standards.
Nandlall said, “Guyana’s continuous review is to ensure that it discharges its obligations under the Action Plan, which was worked out with the AARG (Americas Regional Review Group) and submitted as Guyana’s action plan.”
In the latter part of September, the AG led a delegation to meet with the AARG, as mandated by FATF, after the country’s referral to the international watchdog by CFATF.
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, which ends today.
FATF 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.
Following the September meeting a report was prepared by the AARG and forwarded to FATF in time for its ongoing plenary meeting.
Additionally, a statement from FATF is expected to be issued today to publicly pronounce on Guyana’s fate, and also identify the actions that Guyana is required to take within what timeframe.