Efforts intensified ahead of Guyana’s CFATF assessment – says AG

– Legislation, regulatory reforms target real estate sector and establish compliance commission

GUYANA is taking steps to boost its Anti Money Laundering/Countering the Financing of Terrorism (AML/CFT) measures before an upcoming on-site evaluation and examination by a Caribbean Financial Action Task Force (CFATF) evaluation.

Attorney General and Minister of Legal Affairs, Anil Nandlall, during his programme ‘Issues in the News’ on Tuesday evening, highlighted the government’s commitment to strengthening the country’s AML/CFT framework.

“Work continues on the AML/CFT as Guyana prepares for an on-site evaluation and examination to be conducted by the Caribbean Financial Action Task Force of Guyana’s financial sector scheduled to take place in September of this year.… We have implemented a number of administrative decisions and measures, as well as checked many aspects of our legislative architecture,” he said

One area that the government has targetted for regulation is the real estate industry, which has been identified as a risk due to the high volume of property sales and rental transactions taking place in Guyana.

To address this concern, Nandlall revealed, “We have prepared a Real Estate Bill that is now ready to be taken to Parliament after a cabinet subcommittee considers it.”

The bill aims to establish a regulatory framework for real estate agents and brokers, ensuring proper oversight and compliance within the industry.

Nandlall stressed the importance of engaging stakeholders in the process of developing the real estate bill.

He said, “We concluded several rounds of consultation with many important stakeholders, in particular, the real estate agents themselves because they are the main subjects of the regulatory framework that the bill establishes.”

He added, “The bill is a consensual one, meaning that we have received full support from every real estate agent with whom we have interacted.”

In addition to addressing the regulation of specific industries, Guyana aims to strengthen its overall AML/CFT structure by establishing the Guyana Compliance Commission through the Guyana Compliance Commission Bill 2023.

Attorney General and Minister of Legal Affairs, Anil Nandlall

Nandlall highlighted the need for a dedicated regulatory body, stating, “In our AML/CFT structure, it has been recognised that there are agencies that have no regulator or supervisor to lead them.”

“This compliance commission will act as the regulator and supervisor in areas where a proper regulatory framework is absent, ensuring compliance with international standards,” the AG said.

He also discussed the Anti-Money Laundering and Countering the Financing of Terrorism Amendment Bill, which aims to enhance Guyana’s AML/CFT legislation.

He explained that that was in keeping with the People’s Progressive Party Civic-led government’s commitment to staying up-to-date with international recommendations and transparency.

“We have constantly updated this aspect of our laws to keep up with recommendations that emanate from the Financial Action Task Force and the Caribbean Financial Action Task Force.”

The amendments, which focus on empowering authorities to forfeit assets and seize proceeds of crime, will be presented to the National Assembly ahead of the CFATF evaluation in September.

Highlighting the significance of targetting criminals’ financial assets, Nandlall said, “It is recognised worldwide that one of the most effective ways of dealing with the criminal is to hit him in the pocket or hit them financially.”

He expressed the government’s determination to strengthen its legal framework for asset forfeiture and proceeds of crime, noting, “Our law was not as strong as it should be in that regard.”

Nandlall acknowledged the international support received, stating that they had received help from the Regional Security Services of the Caribbean and the National Center for State Courts.

The Attorney General underscored the importance of international collaboration in combating financial crime

“If you’re able to dismantle the criminal empire, then you dismantle the criminal conduct. And that is where our laws are now playing and as a type of enforcement that we will have to focus on in the next few years.”

SHARE THIS ARTICLE :
Facebook
Twitter
WhatsApp
All our printed editions are available online
emblem3
Subscribe to the Guyana Chronicle.
Sign up to receive news and updates.
We respect your privacy.