AS Guyana puts requisite systems in place ahead of its Fourth Round of Mutual Evaluation, it will, on Thursday, undergo its second Money Laundering and Terrorist Financing (ML/TF) National Risk Assessment (NRA).
“A Working Group of approximately seventy-six (76) persons representing both public and private sector organisations was established to carry out the country’s second ML/TF National Risk Assessment (NRA) exercise,” the Ministry of Legal Affairs disclosed on Monday, while noting that the World Bank will again provide technical assistance to Guyana to conduct this exercise.
“This will allow Guyana to identify any new or emerging money laundering or terrorist financing risks, threats or vulnerabilities,” it added. The new NRA will also take into account an assessment of the ML/TF risks associated with the oil and gas sector, proliferation financing, virtual assets and illegal wildlife trade. It will also allow the country to appropriately address its vulnerabilities and threats ahead of its scheduled mutual evaluation.
The assessment, which is being done in the form of a seminar, is being hosted by the Anti-Money Laundering and Countering the Financing of Terrorism and Proliferation Financing (AML/CFT/PF) National Coordination Committee (NCC). The seminar, according to the ministry, will be held on Thursday December 19, 2019 at the Pegasus Hotel in Georgetown, Guyana.
Overall, over one hundred persons, including Ministers of Government, Heads of Private Sector Agencies, Heads of Government Organisations, and members of the Diplomatic Corps are expected to attend.
It was explained that the exercise is in keeping with the Financial Action Task Force (FATF) Recommendation one that requires countries to assess their risks, apply a risk-based approach and put measures in place to mitigate identified risks on an ongoing basis.
“The new NRA exercise is well-timed, as Guyana is preparing for its Fourth Round Mutual Evaluation by the Caribbean Financial Action Task Force (CFATF), which is scheduled for the first quarter of 2023,” the Legal Affairs Ministry said.
