The Private Sector Commission (PSC) says it is deeply disappointed to learn that Guyana’s status with the Financial Action Task Force (FATF) and the Caribbean Financial Action Task Force (CFATF) has not changed even though the legislative requirements have been met by the passing of an amended Anti-Money Laundering and Countering the Financing of Terrorism Act.
In a statement today, the PSC said “We acknowledge that a significant step has been taken in remedying Guyana’s AML/CFT deficiencies in the passing of this Act and we would like to congratulate the government on achieving this milestone. It should be noted, however, that Guyana agreed to an Action Plan with the Financial Action Task Force in October 2014. The implementation of this Plan remains crucial to the removal of the country from any list of countries that need to be monitored by the FATF and, until all the elements agreed to have been effectively dealt with, transactions emanating from Guyana will continue to be subject to additional scrutiny.
“The Action Plan included a commitment to ensuring a fully operational and effectively functioning Financial Intelligence Unit, the establishment of effective measures for customer due diligence and financial transparency and the implementation of an adequate supervisory framework.
“The PSC is deeply concerned with regard to being on this monitoring list by FATF and we call on government to urgently take the steps necessary to remedy these strategic AML/CFT deficiencies so that Guyana can be removed from the monitoring list.”
