…as FIU signs information- sharing MOUs with Bank of Guyana, other agencies

THE Financial Intelligence Unit (FIU), on Monday, signed Memorandums of Understanding (MOUs) with the Bank of Guyana, the Guyana Gold Board and several other government agencies to pave the way for easy access to information as it combats Money Laundering and the Financing of Terrorism.

The Guyana Security Council, Guyana Gaming Authority, Land Registry, the Guyana Geology and Mines Commission and the Department of Cooperatives and Friendly Societies are among the entities that signed MOUs with FIU on Monday.

The MOUs were signed in the boardroom of the Ministry of Legal Affairs in the presence of Attorney General and Minister of Legal Affairs, Basil Williams and overseen by FIU’s Director, Matthew Langevine. Members of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) National Coordinating Committee were also present. That committee also focuses on the countering of Financing of Weapons of Mass Destruction.
Before the signing, the Attorney General explained that it is important to increase the FIU’s access to information and data as the country prepares for the 4th Round of Mutual Evaluation by the Financial Action Task Force (FATF). Noting that key players in the fight “hardly like to divulge information,” the Attorney General said little progress would be made in the fight against money laundering, terrorism and the proliferation of weapons of mass destruction, if important information and data are not shared. As a result, he said a decision was taken to adopt an approach that is taken globally by members of FATF and the Caribbean Financial Action Task Force (CFATF). “We have decided to do something that is done throughout CFATF and FATF that we will exercise now. The parties to the MOU’s now will be able to properly exchange information with one another, depending on the situation,” the Attorney General explained.

He said the government will continue to work with FATF and CFATF to combat money laundering and terrorist financing. “We will be continuing, in the interest of the people of Guyana and the people of the Caribbean, to do all that we can to assist this process,” the Attorney General assured those present.

The FIU Director told reporters that the signing of the MOUs is in accordance with regional and international standards for the effective sharing of information between FIUs and other important agencies. “The MOU basically allows for all of the competent authorities to agree to share information, to exchange information in an efficient manner, in a safe and secure manner so that there is confidentiality and protection of the information that is shared and also share the information in a timely manner, so that investigations are conducted in an effective manner,” Langevine explained.

He noted that the FIU has already signed MOUs with the Special Organised Crime Unit (SOCU) and the State Asset Recovery Agency (SARA). “With all the agencies now coming on board to exchange information in a more structured and efficient manner, it should allow for a more efficient and effective process with respect to investigations that we are conducting. This process is standard for FIUs and competent authorities in every country,” the FIU Director explained.

He noted that the Guyana Revenue Authority (GRA), the Customs Anti-Narcotics Unit and the Commercial Registry are among agencies that are in line to sign the MOU with the FIU.
Governor of the Bank of Guyana, Dr. Gobind Ganga; Head of the Guyana Geology and Mines Commission, (GGMC) Newell Dennison; and Chairman of the Guyana Securities Council, Rawle Lucas were among the officials that signed the MOUs on behalf of the government agencies.