Guyana has been given up to November by the Caribbean Financial Action Task Force (CFATF) to make changes to its anti-money laundering law to avoid blacklisting.
This was the outcome of a two-day meeting in Managua which ended yesterday. It means that the government and the opposition have more breathing room to hammer out amendments and to discuss enforcement of laws that are already in place.
The following statement was issued by the CFATF today on Guyana’s status:
“In November 2011, the Caribbean Financial Action Task Force brought to the attention of its Members several jurisdictions, including Guyana, with significant strategic deficiencies in their AML/CFT regime. With a view to encouraging expeditious rectification of the identified strategic deficiencies, the CFATF, in conjunction with Guyana, developed an Action Plan with identified target dates to address the strategic deficiencies that existed in its national architecture to combat money laundering and the financing of terrorism. Guyana has taken steps towards improving its AML/CFT compliance regime including strengthening its record keeping requirements and functionality of its Financial Intelligence Unit. However, the CFATF has determined that Guyana has failed to make sufficient progress in addressing its significant strategic AML/CFT deficiencies, including certain legislative reforms. Guyana has introduced an amendment Bill into Parliament to address the deficiencies. CFATF encourages Guyana to urgently approve and implement these legislative amendments. If Guyana does not take specific steps by November 2013, then the CFATF will identify Guyana as not taking sufficient steps to address its AML/CFT deficiencies and will take the additional steps of calling upon its Members to consider implementing counter measures to protect their financial systems from the ongoing money laundering and terrorist financing risks emanating from Guyana, and at that time CFATF will consider referring Guyana to the Financial Action Task Force International Cooperation Review Group (FATF ICRG).”
