-to bolster its global financial standing

GUYANA will, today, undergo a comprehensive on-site evaluation and examination by the Caribbean Financial Action Task Force (CFATF) which aims to address deficiencies and secure the country’s position in the global financial landscape.

CFATF as a regional affiliate of the Financial Action Task Force (FATF), holds a crucial role in supervising and regulating financial activities in the Caribbean, particularly in combating organised crimes such as terrorism, money laundering, proliferation of weapons of mass destruction, and financing international crimes like human trafficking.

In preparation for this assessment, the National Assembly has passed significant legislative changes over the past few months. These include the AML/CFT Amendment Bill, the Real Estate Agents and Brokerage Bill, and a National Compliance Bill.

The Real Estate Bill establishes a regulatory framework for real estate agents and brokers, ensuring proper oversight and compliance within the industry.

The AML/CFT Amendment Bill aligns Guyana with international standards set by FATF, demonstrating the country’s commitment to transparency and global recommendations.

Attorney-General and Minister of Legal Affairs, Anil Nandlall, has emphasised the importance of this assessment in today’s global environment, where global regulators closely monitor activities, especially those related to crime and security.

“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, and countries across the planet have had to prepare for issues relating to crime and security,” he said.

To meet these evolving challenges, CFATF issues recommendations that require member states like Guyana to continually update their laws. Failure to do so can result in regional and international sanctions.

Nandlall highlighted Guyana’s concerted efforts over the past two years in preparing for this critical assessment. The country has been working closely with various agencies, including the World Bank, the Inter-American Development Bank (IDB), and the Regional Security Service, to update its legislation.

Notably, Guyana has made significant strides in addressing previous shortcomings, particularly regarding the forfeiture and seizure of assets acquired from the proceeds of crime.

“A major area they had flagged in the past has been our inability to do forfeiture and seizure of assets that may have been acquired from the proceeds of crime. We have corrected that in our legislation in a major way, using perhaps the most modern provisions in the Caribbean,” Nandlall said.

Recently, heads of various government agencies in Guyana signed a Memorandum of Understanding (MoU) on co-operation and information sharing. This collaborative effort underscores the importance of unity among these agencies.

Nandlall urged them to work as one team, emphasising that they are “Team Guyana.” He also used the opportunity to discourage any tendency to protect one’s agency at the expense of another.

“There may be a tendency to protect one’s agency, and in so doing throw another agency under the bus; let us avoid that,” he cautioned.