THE U.S. through the State Department’s International Narcotics and Law Enforcement Affairs has injected US$150,000 into training operatives of the local Financial Intelligence Unit (FIU).

Analysts will be trained by the International Business Machines (IBM) on how to operate the unit’s newly-acquired I-base software.
Speaking at the ceremonious announcement of the venture, Finance Minister, Winston Jordan acknowledged the contributions by the U.S., but noted that the scale of money laundering has increased globally, resulting in national security risks where those acts are prevalent.

The risk assessment done by Guyana has however identified a number of core sectors that pose severe money laundering and terrorist finance risks to the country.
In addition, their action plan will guide policymakers in their attempts to implement combative measures which are commensurate with the level of risk identified.
“The employment of advanced technology has aided in the detection of money laundering activities, however, more sophisticated money launderers are coming forth and this increases the demands on the authorities to deploy new and appropriate techniques to enhance the country’s ability to detect and prevent these activities,” said Minister Jordan.
The acquisition of the I-base software will allow the unit to map and import data and information from structure and unstructured sources into the centralised repository.
It will also hasten the pace at which data is analysed, connections are found and actionable results are generated.

The project funded by the U.S. will as such be geared at training persons who are involved in the financial analysis section of the FIU and is expected to last about three months.
“I-base software is standard equipment and we are now getting to the stage where FIUs from around the world are already at or have surpassed,” FIU Director Matthew Langevine said.
With the assistance of the U.S. to train persons on how to use the programme, Langevine said they will be better able to carry out their mandate of receiving, analysing and disseminating information on suspected cases of money laundering and financing of terrorism.

Once the new system is fully operational, he said all the information from their current database will be moved forward.
Since the FIU’s establishment, when it comes to organising and getting value for the quantum information gathered, it was a challenge because they lacked the basic level of technology to help the analysts consolidate and make best use of it.
“This tool will not only assist us locally but it will help us through the fourth round of the CFATF mutual evaluation process which requires us to express the effectiveness of our Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT),”said the FIU’s Director.
Ambassador of the U.S. to Guyana, Perry Holloway said the U.S. held their end of the bargain by assisting the FIU with training since the government purchased the software.
He said it was an important step by Guyana to acquire the intelligence database management application because it allows teams of analysts to capture, control and analyse multi-source data.
“The tool will allow them to be better at what they do… we are pleased to continue the support we give to Guyana, particularly in this area, given that over the last year you have made great strides by complying with international standards, concluded a money laundering and terrorist finance risk assessment, and is in the process of developing a risk-based action plan,” said the ambassador.