BUSINESSES and professionals in Guyana that are vulnerable to money laundering and terrorist financing will soon receive training and be regulated as part of the country’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) goals.
This was established at the first statutory meeting of the AML/CFT National Coordinating Committee for 2019, held on Wednesday, January 16, 2019.

The meeting was chaired by Attorney General and Minister of Legal Affairs, Basil Williams.
Attending were representatives of the Bank of Guyana (BoG); the Financial Intelligence Unit (FIU); the Guyana Gold Board; the Guyana Geology and Mines Commission; the Guyana Securities Council; the Gaming Authority; Office of the Director of Public Prosecutions; the Chief Cooperatives Development Officer/Registrar of Friendly Societies and the Attorney General’s Chambers/ Ministry of Legal Affairs.

During the meeting, the representatives highlighted the need for increased emphasis to be placed in the supervision and regulation of Designated Non-financial Businesses and Professionals.

These include lawyers, notaries, commissioners of oaths to affidavits, auditors, real estate agents, dealers in precious metals, dealers in precious stones, other independent legal professionals and accountants.

“These professionals represent a high-risk group that is known to be vulnerable for money laundering and terrorist-financing purposes. It is therefore imperative that efforts be prioritised to ensure these sectors are regulated for AMLCF purposes,” a report from the committee stated.

As a result, the committee will soon arrange a training and sensitisation session for these professionals to discuss their obligations and responsibilities as mandated by the AML/CFT 2009 (Amended) Act.

In July 2018, the National Assembly passed the AML/CFT Amendment Bill, while another one of the country’s achievements thus far includes being removed from the European Union (EU) Money-Laundering Blacklist after addressing a number of deficiencies.

Another issue discussed at the meeting was the need for competent authorities–including supervisory authorities–to ensure they establish and maintain a database of activities conducted as a part of their AML/CFT programme.
According to the committee, statistics of all activities should be made available at short notice as required by the Financial Action Task Force (FATF) Recommendation 33.
Added to this, plans are being put in place for gaming houses and betting operations to be properly licensed and regulated.

The need for such was emphasised following reports of some entities operating without the requisite licence.

“Illegal gambling operations were also found to be popping up in different parts of the country. Supervisory authorities were encouraged to effectively execute their mandates as prescribed by the AML/CFT Act and ensure these anomalies are corrected,” the committee said.
Minister Williams, as chair, reminded representatives that in order for these measures to be effective, strict enforcement of the existing legislation must be carried out.

For some time now, the committee has been facilitating outreaches and sensitisation seminars across the country, as far as the South Rupununi in Region Nine (Upper Takutu-Upper Essequibo).

In 2022, the country will undergo CFATF’s Fourth Round of Mutual Evaluation, while the Third Round had focused on the legal and regulatory framework of the country regarding the AML/CFT regime.

The National Coordinating Committee assures: “The committee is working assiduously at enhancing and strengthening the country’s AML/CFT regime and preparing Guyana for a successful Fourth Round of Mutual Evaluation.”