– as Guyana prepares for 4th Round of Mutual Evaluation

ATTORNEY General and Legal Affairs Minister, Basil Williams will be attending the Caribbean Financial Action Task Force (CFATF) Steering Group and X Council of Ministers Meeting in Miami, Florida next week.

The attorney general, who is the current chairman of CFATF, will be accompanied by the Deputy Permanent Secretary of the Legal Affairs Ministry, Tamika Barkoye.

At a recent press conference, Minister Williams explained that “pursuant to Section VIII of the Memorandum of Understanding among Member Governments of the Caribbean Financial Action Task Force (CFATF MOU), the Council is the supreme authority within the CFATF and consists of one ministerial representative or duly authorised alternate proposed in writing from each member.”

Section 20 of the CFATF MoU requires the Council to meet annually. This year the meeting will be held from September 11-12, 2018.

Approving the work programme, preparing the annual budget and discussing and/ or approving policies; and financial and other strategic matters are among functions of the council.

Prior to the Council of the Ministers meeting – September 11 – the second CFATF face-to-face Steering Group meeting will be held. Williams also chairs that meeting.
These critical CFATF meetings are being attended by the attorney general and team, even as they prepare Guyana for the Fourth Round of mutual Evaluation in 2022.
The Financial Action Task Force (FATF) conducts four rounds 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.

Minister Williams said his chambers have been educating supervisory and reporting entities on the requirements of FATF in going into the Fourth Round of Mutual Evaluation.

Earlier in the year, during one of the chamber’s awareness session, the attorney general said supervisory bodies must up their efforts on a collaborative front to bring money launderers to justice, warning that failure to do so can result in the country being left out in the cold during the 4th Round of Mutual Evaluation.

Singling out the Financial Intelligence Unit (FIU) and the Special Organised Crime Unit (SOCU), the legal affairs minister had made it clear that there is no way Guyana could graduate out of the 4th Round of Mutual Evaluation without having convictions. Failure to show signs of effectiveness, when the 4th Round of Mutual Evaluation commences, 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.
On Monday, when he addressed reporters at his Carmichael Street Office, the attorney general acknowledged that the effects of being “blacklisted” in the past are still being felt.
Guyana was previously blacklisted both by CFATF and FATF; however, since 2015 the country has made significant progress in improving its AML/CFT regime and has adequately addressed the key AML/CFT deficiencies identified.