Guyana Completes Money Laundering and Terrorist Financing Report Afore CFATF Assessment

  • Richard Marley
  • November 01, 2022
  • 2 minutes read
  • 572

Guyana has completed its second money laundering and terrorist financing National Risk Assessment (NRA) report before the assessment of the Caribbean Financial Action Task Force (CFATF).

The National Risk Assessment (NRA) was carried out in accordance with Recommendation 1 of the Financial Action Task Force (FATF). A Working Group comprised of more than seventy individuals who represented over forty governmental and commercial sector organizations in Guyana performed this second NRA.  

The Working Group evaluated and determined the dangers and vulnerabilities related to Money Laundering (ML) and Terrorist Financing (TF) in the country. This includes identifying Guyana’s shortcomings in its capacity to effectively address the risks associated with crimes like money laundering. Twenty sectors that are considered to have an elevated risk of ML and TF locally were reviewed by the Group.

The Working Group evaluated the risk of proliferation financing, illegal wildlife trade, and the ML and TF presented by financial inclusion products. The Group also examined the potential for money laundering in Guyana’s developing oil and gas industry.

The working group suggested that a revised official money laundering and terrorist funding strategy and policy be developed in order to address the dangers and vulnerabilities that were identified. Additionally, it includes outreach initiatives to the pertinent authorities, changes to the AML/CFT Act and related laws, and prioritized outreach and training programs for the private sector.

Furthermore, continued efforts are being made to improve domestic collaboration and coordination between relevant authorities with regard to the planning and execution of AML/CFT initiatives. The government would keep prioritizing the fight against financial crimes like money laundering. These actions are also being taken to ensure Guyana is prepared for the CFATF’s Fourth Round Mutual Evaluation.

Pre-assessment training provided by the CFATF to AML/CFT stakeholders in the private and public sectors has already started the mutual assessment process. The training’s objective is to guarantee that these important participants realize their AML/CFT duties and are fully prepared for Guyana’s evaluation.

Suggested Read: Money Laundering to Remain a Significant Challenge with Spike in Online Crime