THE Financial Intelligence Unit (FIU) says it has submitted four reports to the Special Organised Crime Unit (SOCU) so far this year to go with some seven last year.

This, the unit says, has happened despite significant staff and other constraints. “…the FIU continues to press forward with its core responsibility of receiving and analysing data, and the provision of intelligence reports to the law enforcement agencies to assist the country in its fight against Money Laundering and Terrorist Financing,” the FIU said in a statement Monday evening. It added that intelligence reports are prepared and submitted primarily based on Suspicious Transaction Reports (STRs) received from reporting entities.

The Financial Intelligence Unit (FIU) was established under section 9 of the Anti-money Laundering and Countering the Financing of Terrorism (AML/CFT) Act No. 13 of 2009 as an agency responsible for, among other things, requesting, receiving, analysing and the dissemination of suspicious transaction reports and other information relating to money laundering (ML), terrorist financing (TF) or proceeds of crime (PoC). Its mission is to help protect the integrity of Guyana’s financial system through the detection and deterrence of Money Laundering (ML) and terrorist financing.

The FIU said too that it looks forward to the continued support of all stakeholders in the execution of its mandate, and remains resolute in its mission to “protect the integrity of Guyana’s financial system through the detection and deterrence of Money Laundering and Terrorist Financing”.

Risk assessment
Meanwhile, the FIU said that as part of its fight against money laundering and terrorist financing it recently spearheaded one of its key priorities, which is the completion of Guyana’s first Money Laundering and Terrorist Financing National Risk Assessment (NRA) and the development of a Risk Based Action Plan that is intended to guide the national Anti-money Laundering and Countering the Financing of Terrorism (AMLCFT) strategy.

The 14-month exercise was coordinated by the FIU and concluded with a two-day workshop held on the 12th and 13th of April at the Guyana Marriot. The workshop saw the 74-member working group established to complete this report and action plan, meeting to finalise their findings, and share same with policy holders, heads of key government agencies and supervisory authorities. This report will be formally handed over to the Government in the very near future.

Since the enactment of the AML/CFT Act in 2009, the FIU said it has played an integral role in Guyana’s effort to fight ML & TF, internationally and locally. According to the unit it has contributed extensively throughout the mutual evaluation exercise, including its follow-up processes to remedy the deficiencies highlighted and has worked in collaboration with the legislative drafters attached to the Attorney General’s Chambers to interpret the requirements of the Financial Action Task Force (FATF) Recommendations, many of which were incorporated, into the AML/CFT Laws and Regulations.

The FIU has also, independently, issued several critical guidelines. “The culmination of these corrective measures saw Guyana’s removal from the FATF Public Document “Improving Global AML/CFT Compliance: on-going process” on October 21st 2016 at the FATF Plenary held in Paris, France.

The effect of this removal is that Guyana is no longer subject to monitoring by the FATF. As part of its mandate, FATF sets standards and promotes effective implementation of legal, regulatory and operational measures for combating ML and TF and the proliferation of WMD, and other related threats to the integrity of the international financing system, and requires countries to ensure that all categories of reporting entities are subject to systems for monitoring compliance with AML/CFT requirements.”