The Special Organised Crime Unit has recruited extra staff in the areas of forensic auditing and investigations to help it discharge its obligations under the anti-money laundering act.
A statement from the Attorney General’s Chambers follows:
In completion of its second Anti-money Laundering and Combatting the Financing of Terrorism and Proliferation Financing (AML/CFT/PF) National Risk Assessment (NRA), the Government of Guyana is currently engaged in a two day virtual Workshop facilitated by the World Bank, in order to validate the findings of the NRA.
The Attorney General and Minister of Legal Affairs, Mr. Mohabir Anil Nandlall SC MP, provided the opening remarks, thanking the World Bank for their technical assistance in the conduct of the NRA. He noted that despite the challenges faced due to the COVID-19 pandemic, Guyana has completed its second NRA.
The Attorney General outlined that Guyana has already identified a legislative agenda, in order to remedy the deficiencies in the AML/CFT Act and related legislation as identified by the NRA.Mr. Nandlall noted the importance of the assessment related to the Oil and Gas sector; as Guyana has become an oil producing nation, it is critical to ensure that the AML/CFT apparatus is adequate in addressing the risks and threats that Guyana may face. He further outlined that the Government of Guyana has boosted the prosecutorial capacity, with a view to improving the effectiveness of investigations, prosecutions and convictions.
To that end, he announced that the Special Organised Crime Unit (SOCU) has recruited additional staff in the areas of law, forensic audit, accounting and investigations. Inter-agency cooperation between SOCU and the Office of the Director of Public Prosecutions (DPP) will also be improved, leading to an increase in the conclusion of money laundering related cases.
Guyana also expects to improve its supervisory framework, as well as enable the expansion of the AML/CFT financial and commercial sphere, in order to bring unregulated entities under the sphere of compliance. These actions, he stated, further illustrate the intent to have a ‘well oiled’ machinery to protect Guyana’s financial sector.
The Hon. Attorney General further expressed his gratitude to the Members of the National Working Group, and expressed Government’s commitment to the prevention of the abuse of Guyana’s financial system from the illicit gains and motives of criminals.
World Bank representative, Mr. Klaudijo Stroligo, congratulated Guyana for the methods employed during the NRA, given the challenges faced globally by the COVID-19 pandemic. He also expressed gratitude to the European Union for their financial contribution in funding the World Bank’s participation in the NRA process.
Day one (1) of the Workshop consisted of presentations on the money laundering (ML) threats faced by Guyana, also encompassing assessments of the oil and gas sector, illegal wildlife trade, terrorism financing (TF) and proliferation financing risks. There was also an assessment of the overall national vulnerability of Guyana in relation to ML/TF risks.
Day 1 concluded with presentations by the Banking and Insurance Sector, as well as a presentation relating to other non-bank Financial Institutions.
Presenters included staff members of authorities such as the Bank of Guyana, the Financial Intelligence Unit, the Ministry of Natural Resources, the Office of the Director of Public Prosecutions and the Attorney General’s Chambers.
