CHAIRMAN of the Caribbean Financial Action Task Force (CFATF), Attorney General Basil Williams, has left Guyana to attend a major conference in Miami, Florida, which will brainstorm ways to strengthen the fight against money laundering.

Williams will be making a presentation on FinTech effects on the changing role of the Compliance Officer. The conference is the fourth ComplianceAid: Anti-Money Laundering & Financial Crimes Conference and the second AMLFC Institute Conference. It will run from April 18-20.

The ComplianceAid Conference is an annual event which focuses on Anti-Money Laundering, Countering the Financing of Terrorism, and Financial Crimes Prevention. The conference targets regulated entities of the Americas. Over the past three years, the annual ComplianceAid Conference has grown to be the premier gathering of directors and professionals in the AML space, across the Region and beyond, the AG’s Chamber said in a release. With over twenty (20) general sessions, the ComplianceAid conference provides high-quality exposure to a captive audience of arguably the most influential leaders and professionals in the sector.

This two-day event is designed to provide practical knowledge of AML/CFT and will address the peculiarities of operating a business in the Americas. Additionally, the AG Chambers said the conference will equip all participants with useful knowledge which they may implement within their organisations. To this end a group of high profile regulators and compliance experts will discuss challenges faced by regulated businesses. Unlike any other, this conference will address the issues from a non-U.S. point of view.

According to the release, beyond complying with the AML/CFT annual training requirements, this conference will provide participants a unique opportunity to personally engage with regulators and other experts. This personal contact will allow for a better understanding of the approach to enforcement in their respective jurisdictions.

Williams over the past two years has been on a warpath to ensure that Guyana remains compliant with the global anti-money laundering regime. Only last week, he implored supervisory bodies here to intensify their efforts on a collaborative front to bring money launderers to justice, lest the country be left out in the cold during the 4th Round of Mutual Evaluations.

Last Friday during an Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) National Coordination Committee Seminar at the Bank of Guyana, Minister Williams reminded representatives of supervisory agencies present, that major emphasis is placed on ‘Technical Compliance’ and ‘Effectiveness’ during the 4TH Round of Mutual Evaluations.

Williams said although Guyana has the requisite AML/CFT legislation in place, it has not recorded a single prosecution or conviction to date, noting that such a scenario does not augur well for the country. “We have to tighten up, otherwise we drown in a pool,” he said frankly.

Singling out the Financial Intelligence Unit (FIU) and the Special Organised Crime Unit (SOCU), the attorney general made it clear that there is no way Guyana could graduate out of the 4th Round of Mutual Evaluations without having convictions.

Failure to show signs of effectiveness, when the 4th Round of Mutual Evaluation is held in 2021, the new deadline set from the previous 2022, he further warned that such could result in FATF issuing a public statement calling on countries to adopt counter measures, which include the option to cut ties with the default country or enhanced due diligence.

FATF conducts 4th Round of Mutual Evaluations for its members based on its 2012 Recommendations and the Methodology for Assessing Compliance with the FATF recommendations and the Effectiveness of AML/CFT Systems (2013), which is periodically amended.