‘Guyana fit to fight’
Attorney General Basil Williams S.C. escorts President David Granger into the Marriott Hotel for the opening ceremony of the 46th Plenary and Working Group Meetings of CFATF on Wednesday
Attorney General Basil Williams S.C. escorts President David Granger into the Marriott Hotel for the opening ceremony of the 46th Plenary and Working Group Meetings of CFATF on Wednesday

President assures Guyana is well positioned to combat financial crimes

THE integrity of the Caribbean’s financial sector was placed under the microscope on Wednesday by President David Granger when he addressed the opening ceremony of the 46th Plenary and Working Group Meeting for the Caribbean Financial Action Task Force (CFATF), being held at the Marriott Hotel.

Attorney General and Deputy Chair of CFATF Basil Williams S.C. addressing participants of the 46th Plenary and Working Group Meetings of CFATF on Wednesday

In his address to the gathering which included Prime Minister Moses Nagamootoo and other ministers of government, President Granger noted that the Caribbean is fighting a war against financial ‘privateers’ to preserve the integrity of its institutions and to counter money-laundering and the financing of terrorism. In this light, he said “Guyana is fit to fight” while noting that this country has embarked on the path of passing robust regulations and legislation to protect its financial system from financing unlawful activities 17 years ago.

Over the years, Guyana has passed the Money-Laundering (Prevention) Act 2000; Anti-Money Laundering and the Countering of the Financing of Terrorism Act 2009; Anti-Money Laundering and the Countering the Financing of Terrorism (Amendment) Act 2010; Anti-Money Laundering and the Countering the Financing of Terrorism (Amendment) Act 2015; and the Anti-Money Laundering and the Countering the Financing of Terrorism (Amendment) (No. 2) Act 2015.

President David Granger speaks at the opening ceremony of the 46th Plenary and Working Group Meetings of the CFATF on Wednesday at the Marriott Hotel

The aforementioned legislation he told the Region’s legal minds, has progressively corrected deficiencies in the AML-CFT regime and allowed the improvement of compliance within the Task Force’s standards. “The appropriate agencies – the Bank of Guyana (BOG), the Financial Intelligence Unit (FIU) and the Office of the Director of Public Prosecutions (DPP) – have been empowered with the authority and autonomy and equipped with the technical and institutional means to discharge their functions under our anti-money laundering and countering of the financing of terrorism legislation,” the President stated.

Additionally, the President noted that the Caribbean yearns to be a zone of concord and peace after half a millennium of conquest, conflict and chaos. He noted too that given its location, the Region can be used for narcotics trafficking, while adding that the Caribbean,

Participants of the 46th Plenary and Working Group Meetings of CFATF on Wednesday. Also present (centre) were Prime Minister Moses Nagamootoo, Speaker of the National Assembly Dr Barton Scotland, and Ministers of government, including the ministers of Business, Health, Public Infrastructure and Agriculture, as well as members of the diplomatic corps.

with its fragmented jurisdictions scattered over 2, 754 million km² of sea-space, with countless cays, coves and islets, has become an attractive destination – a ‘paradise’ – for money-launderers, tax-evaders and assorted transnational criminal cartels.

”These crimes have the potential of disrupting our economies, corrupting officials, subverting our institutions, perverting our youth and spawning frightening levels of crime and violence in society,” he said, stressing that the Task Force’s recommendations are necessary to insulate the Region’s financial sector from the crimes of money-laundering and the financing of terrorism.

Those recommendations he stated, can assist to insulate the Region’s economies from contamination by ‘dirty money’ and by protecting the integrity of the Region’s financial sector from the risks associated with ill-gotten gains.

The President stressed too that the Task Force’s recommendations will also help to cultivate a stable financial sector that will allow for the facilitation of international trade and investment and enhance the interconnectedness between the Region’s financial sector and the global banking system, so as to prevent our banks from being blacklisted.

Prime Minister Moses Nagamootoo greets Attorney General Basil Williams on Wednesday during the opening ceremony of the 46th Plenary and Working Group Meetings of CFATF

The head-of-state said too that the presence of many attorneys-general, ministers and other officials at the meeting which began on Sunday is testimony to the importance placed on the Task Force’s core responsibility for the peer review process of the mutual evaluation programme. “The work to be done during this meeting is a necessity for guaranteeing the integrity of the Region’s financial sector and, particularly, for preventing money-laundering and the financing of terrorism.

We are confident that the Task Force’s work will improve the security and prosperity of this Region and the safety and happiness of its people,” said the Guyanese leader who also outlined Guyana and the Region’s familiarity with terrorism when he cited the Cubana air disaster of 1976, and the European arrival in The Bahamas in 1492.

Dancers from the ‘Free Soul’ dance group perform during the opening ceremony of the 46th Plenary and Working Group Meetings of CFATF on Wednesday (Adrian Narine photos)

Transnational crime
Similarly, Attorney General and Minister of Legal Affairs Basil Williams, who has assumed the chairmanship of CFATF, said if left unchecked, transnational criminal organisations and terrorist financing networks can impact in a significant way the peace, tranquility and security of the Region. “So constant vigilance by all of us is critical and for all of us gathered here…this means effective implementation and the highest levels of compliance with the FATF recommendations,” said Williams.

He pointed too to the placing of emphasis on the identification, assessment and understanding the extent of national money laundering and terrorist financial risk and taking the necessary action to prevent and or mitigate those risks by allocating sufficient resources, and implementing policies to curb same. The 46th Plenary and Working Group Meetings of the CFATF will conclude today.

SHARE THIS ARTICLE :
Facebook
Twitter
WhatsApp

Leave a Comment

Your email address will not be published. Required fields are marked *

All our printed editions are available online
emblem3
Subscribe to the Guyana Chronicle.
Sign up to receive news and updates.
We respect your privacy.