THE government has intensified its fight against financial crimes, with an aggressive approach to advancing Guyana’s Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing (AML/CFT/PF) regime being part of the overarching objectives.

This has been outlined in the National Policy and Strategy for Combating Money Laundering, Terrorism Financing, and the Financing of Proliferation.

The policy aims to guide the implementation of strategic measures in the fight against these financial crimes.

Further, recognising that this arduous task cannot be implemented in isolation, the policy outlines that continuous engagements with the private sector to facilitate private-public co-operation and partnerships will be a seminal part of the strategic approach.

It recognises an AML/CFT/PF National Coordination Committee (NCC) that will have the responsibility of defining, overseeing, and coordinating the implementation of the national strategy, as well as coordinating Guyana’s participation in the international effort against financial crimes.

It states: “It will be in charge of ensuring effective mechanisms are in place to facilitate co-operation and coordination among policy makers and key AML/CFT stakeholders.”

The policy also emphasises the importance of having increased coordination and co-operation among the competent authorities, and it outlines the attachment of sanctions for failure to produce information in a timely manner through enforceable means.

The policy adds that additional memoranda of understanding will be signed among the competent authorities for information sharing to facilitate the analysis and investigation of these crimes.

It outlines eight strategic objectives, all of which are to be enhanced in keeping with international standards: Ensuring policy coordination to mitigate ML/TF risks, and strengthening the capacity of the AML/CFT/PF legislative framework by amending and enacting laws and regulations.

It also focuses on strengthening and clarifying the AML/CFT/PF supervision framework; enhancing the Financial Intelligence Unit (FIU) capabilities; enhancing investigation and prosecution capabilities with increased resources; increasing co-operation and coordination among domestic competent authorities, and enhancing regional and international co-operation.

The aim is to also ensure adequate, accurate, and up-to-date information on beneficial ownership and control of legal persons and legal arrangements to prevent abuse by criminals or terrorists.

The policy noted that the government’s efforts to address and combat these crimes have received international recognition, as Guyana recorded improved rankings in international reports such as the United States’ Department of State International Narcotics Control Strategy Report (INCSR) and the Transparency International Corruption Index.

Further solidifying Guyana’s improved stature on this frontier, the country has been removed from the European Union’s Blacklist on taxation. (DPI)