– formally assumes deputy chairmanship of CFATF

ATTORNEY General Basil Williams is urging a more robust enforcement of the Anti-Money Laundering and Countering the Financing of Terrorism regime (AML/CFT), even as this country cleared the last hurdle to become fully compliant with international and regional standards in the fight against financial crimes.

Williams made the comments on Saturday, two days after he formally took up the position of Deputy Chairman of the Caribbean Financial Action Task Force (CFATF). Guyana successfully exited that body’s watch list last week, just about a month after it had also been cleared by the global watchdog — Financial Action Task Force (FATF).

Williams returned late last week from the CFATF Plenary and Working Group Meeting in Turks and Caicos, where he had been accompanied by Legal Advisor of the Financial Intelligence Unit (FIU), Alicia Williams, and Director of that agency, Matthew Langevine.

In May 2014, CFATF had handed over Guyana to the Financial Action Task Force due to the country’s then failure to meet the agreed timelines in its Action Plan. However, significant progress has since been made, resulting in the country being removed from the FATF watch list last month. Minister Williams had said that Guyana’s removal from FATF’s Compliance Document had paved the way for a similar removal from CFATF’s monitoring process this month.

Though the country has made significant progress in its fight to combat money laundering and the financing of terrorism under the APNU+AFC Coalition Administration, it will have to ensure that persons in the business of money laundering, terrorist financing and theft of state assets are convicted ahead of the Fourth Round of Evaluation.

Collaborative work between the Financial Intelligence Unit (FIU) and the Special Organised Crime Unit (SOCU) has landed a number of suspected money launderers before the courts, but no conviction has thus far been made.

Meanwhile, in his acceptance speech, Williams, on behalf of the President, Government and people of Guyana, expressed deep appreciation and honour “at being entrusted, in conjunction with Madam Chair Braithwaite Knowles, with the reins of leadership of this very important regional organization, which plays a crucial role in protecting the peace, safety and economic well-being of fellow members of the CFATF family of nations and other nations around the world.”

Williams said last week was a week in which the concerted efforts of Guyana in strengthening its national Anti-Money Laundering and Combating the Financing of Terrorism architecture were rewarded with the accolade of exiting both the CFATF ICRG and Follow up processes.

“This was no easy task, but involvement in this process as well as at the FATF has given us a fundamental appreciation of the importance of the need for all countries to be extremely robust in their obligations to ensure that the AML/CFT deficiencies identified in their respective Mutual Evaluation Reports are expeditiously rectified,” he said.

He urged all CFATF members to prepare Action Plans which would help to guide national efforts.

“Throughout this week, we have been reminded of the human and resource challenges for the Fourth Round, and the need for all stakeholders around the Caribbean Basin Region: at the Secretariat, our Assessors, Reviewers, and national public and private sector officials and representatives, to continue to develop and strengthen their understanding of the requirements of the FATF recommendations and the methodology. This is in support of our core work, The Mutual Evaluation Programme.”

He pledged to provide his fullest support and that of the Government and people of Guyana to the Chair, Braithwaite Knowles, and all members of the CFATF throughout the coming year.