–after completing crucial AML/CFT supervision training

THE Ministry of Labour’s Department of Cooperatives and Friendly Societies took a significant step towards strengthening the nation’s financial sector by hosting a comprehensive Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) Supervision Training on Wednesday, February 25, 2025.

The event, held at the Labour Ministry, was conducted under the auspices of the AML/CFT/PF National Coordination Committee and facilitated by key stakeholders including the Attorney General’s Chambers, Bank of Guyana, and the Financial Intelligence Unit (FIU).
Minister of Labour, Joseph Hamilton, set the tone for the training with his opening remarks, welcoming participants and highlighting the ministry’s ongoing efforts to fortify co-operative institutions.
Minister Hamilton emphasised the substantial progress made in regularising forestry societies and upgrading the Cooperative Societies Act to align with regional and international standards, aimed at enhancing productivity and efficiency.

He underscored the crucial role of labour officers in identifying and mitigating financial risks, stating that the training would provide them with essential tools to effectively fulfill their responsibilities.
The training curriculum covered a wide range of critical AML/CFT topics, providing participants with a comprehensive understanding of global frameworks, international standards, and best practices. Attendees were educated on effective strategies for supervision and regulatory oversight, with a focus on examinations and inspections.

The Financial Intelligence Unit led sessions on identifying suspicious activities and fulfilling reporting obligations, while practical guidance on conducting thorough examinations was also provided.
A notable aspect of the training was the session on compliance reporting and future steps, led by representatives from the Attorney General’s Chambers and the Cooperatives Department. This segment fostered discussions on follow-up actions, methods to strengthen regulatory engagements, and strategies to ensure continuous improvement in compliance mechanisms.

Minister Hamilton reiterated the importance of ongoing training for supervisory authorities, including labour officers from all regions, to maintain the integrity of Guyana’s financial sector. He reaffirmed the country’s commitment to meeting international AML/CFT standards and supporting global efforts to combat money laundering and terrorist financing.

This comprehensive training initiative demonstrates Guyana’s proactive approach to enhancing its financial regulatory framework and aligning with international best practices in the fight against financial crimes.
By equipping labour officers and other key personnel with advanced knowledge and skills in AML/CFT supervision, Guyana is taking significant strides towards safeguarding its financial system and contributing to global efforts in combating illicit financial activities.