Massy (Guyana) Ltd. held its inaugural Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) training seminar for its Directors and Senior Management last month.
According to a media release from Massy, the event, which formed part of the Group’s 50th Anniversary activities, was addressed by Dr. Toussant Boyce, a Guyanese who heads the Office of Integrity, Compliance and Accountability (ICA) at the Caribbean Development Bank, in Barbados. In delivering the keynote presentation, the ICA Head highlighted the challenges facing the Region as a result of the incidence of money laundering and the effects of the de-risking of correspondent banking relationships at the national, regional and international levels. He also provided insight on the domino effects of de-risking by large international banks and the concomitant realities faced by the financial sectors of the Caribbean.
Chairman of the Massy (Guyana) Group, Deo Persaud gave the opening address and emphasized the need for good corporate governance, as well as Massy’s commitment to being a good corporate citizen, the Massy statement said. In his remarks, he noted that Massy as a group is dedicated to complying with the provisions of the AML/CFT Act of 2009, and as a result, has established a fully functional Compliance Department in keeping with the Company’s statutory obligations.
According to the Massy release, the