PRIOR to the on-site evaluation and examination by the Caribbean Financial Action Task Force (CFATF) evaluation, law enforcement and supervisory agencies, on Wednesday, signed two memoranda of understanding (MoU) for co-operation and information sharing.

Attorney General and Minister of Legal Affairs, Anil Nandlall, during the signing ceremony held at the Sleep Inn International Hotel, on Wednesday, said that the events mark a significant step forward in the country’s commitment to combating financial crimes and ensuring global security.

The heads of the Financial Intelligence Unit, the Guyana Police Force, the Guyana Wildlife Conservation Management Commission, Special Organised Crime Unit, the Customs Anti-Narcotics Unit, Guyana Defence Force Coast Guard, Guyana Revenue Authority, Central Immigration and Passport Office, Bank of Guyana, Guyana Gold Board, Guyana Geology and Mines Commission, Gaming Authority, Chief Co-operatives Development Officer, Registrar of Friendly Societies, Commercial and Deeds Registry, Ministry of Home Affairs, Attorney General’s Chambers and Ministry of Legal Affairs and the Office of Director of Public Prosecutions signed that MOU on co-operation and information sharing between the agencies.

Highlighted the profound shifts in the global landscape, Nandlall explained that “We live in a radically different world now. And in a world where there are global regulators of important activities; crime and security are foremost considerations on the global stage.”

At the centre of this effort stands the Financial Action Task Force (FATF), a global intergovernmental body focused on combating money laundering, terrorist financing, and other related threats.

The Caribbean Financial Action Task Force (CFATF) is a regional affiliate that plays a crucial role in supervising and regulating financial activities in the Caribbean.

Nandlall pointed out the CFATF’s role in “establishing peripheral regulatory agencies across the globe” to effectively manage and monitor financial transactions.

Nandlall explained the urgency of this collaboration, emphasising that no corner of the world is entirely immune to criminal activities. He acknowledged that “the marauding criminal gangs of the world have assets… located at every corner of the globe,” necessitating a unified and coordinated response.

The Attorney General went on to discuss the evolving nature of criminal conduct, noting that criminals are quick to adopt advancements in science, technology, and information technology to carry out their illicit activities.

He emphasised that the fight against financial crimes requires constant adaptation and updating of legislation. “Constantly, we have recommendations that are churned out almost on an annual basis, which require all countries to keep updating the laws,” Nandlall stated.

Against this backdrop, Nandlall pointed out that Guyana’s journey to regain its global standing has been an arduous one, marked by legislative oversights that left the nation vulnerable to financial crimes and international sanctions.

During the period of 2011 to 2015, the joint opposition, comprising the A Partnership for National Unity (APNU) and Alliance For Change (AFC), held a precarious one-seat majority in the National Assembly.

He explained that this power dynamic proved detrimental, as a series of critical legislative changes were voted down, leading to the nation’s placement on the grey list and causing severe ramifications that still linger today.

Nandlall lamented the missed opportunities during those years, highlighting the fact that global regulators of significant activities demand utmost attention to matters of crime and security.

“Many of you will recall during the period of 2011 to 2015, the joint opposition using the one-seat majority voted down a series of legislative changes, which we were required internationally to effect to our AML/CFT legislative framework,” he said.

He said that consequences of the opposition’s actions were severe and far-reaching as Guyana found itself on a grey list, a designation indicating that the country was not in full compliance with international anti-money laundering and counter-terrorist financing standards.

Nandlall explained the repercussions were not limited to a mere stain on the nation’s reputation; they manifested as tangible losses.

“The banking sector is here, and they will tell you that they lost correspondent banking relations. Those who are here representing the money transfer agencies will tell you that when persons turned up at Grace Kennedy in New York, they had to show their source of income,” he said.

This meant that loss of correspondent banking relations and the increased scrutiny faced by money transfer agencies had a direct impact on the ease of financial transactions and international trade. Guyana’s economic landscape suffered, and its global financial credibility was undermined.

“There were a slew of sanctions that were imposed upon Guyana. We have not yet fully recovered from those sanctions” Nandlall said as he explained the extent of the damage, stating,

However, the People’s Progressive Party Civic-led government have made efforts to address the situation.

Over the last few months, the National Assembly passed comprehensive legislative changes, including the AML/CFT Amendment Bill, the Real Estate Agents and Brokerage Bill, and a National Compliance Bill.

Nandlall said that these legislative updates were aimed at rectifying the deficiencies that had led to Guyana’s grey list status and subsequent sanctions.

Acknowledging the uphill battle that lies ahead, he said, “We have to ensure that we bring our legislative requirements up to speed.”

He said that the global landscape of crime and criminality is constantly evolving, necessitating continuous adaptation and improvement of legislation.

“To meet the evolving, dynamic change, or changes that afflict the global landscape when it comes to crime and criminality,” he said while adding, “more and more [effort] becomes more intensifying.”