Guyana successfully defends ratings at CFATF Plenary Meeting

The content originally appeared on: INews Guyana
Attorney General & Legal Affairs Minister Anil Nandlall, SC, led Guyana’s delegation at the recent CFATF Plenary Meeting in Trinidad

Guyana’s 4th Round Mutual Evaluation Report was adopted at the Caribbean Financial Action Task Force (CFATF) 58th Plenary and Working Group Meetings held from June 2, 2024 to June 7, 2024 in Port of Spain, Trinidad and Tobago with Guyana successfully defending the favourable ratings that the country’s Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) architecture received after a Mutual Evaluation Exercise was completed.

This Mutual Evaluation Exercise consisted of a comprehensive examination of the country’s AML/CFT regime, including a two-week on-site examination which took place in September 2023.

The Draft Report was adopted after intense scrutiny and discussions at the Plenary which consisted of over 200 high-level officials from across the Caribbean, Canada, the United Kingdom, United States, Organisation of the American States (OAS), International Monetary Fund (IMF) and Financial Action Task Force (FATF). The Assessment is a peer review process where experts from CFATF and FATF jurisdictions assess national measuresimplemented which are designed to prevent, detect, investigate and prosecute money laundering, terrorism financing and proliferation financing, including the forfeiture of criminal instrumentalities and proceeds and assets derived from crime. At this face-to-face interrogative peer review engagement Guyana successfully withstood scrutiny and was able to defend the favourable assessment it received.

The adopted Draft Report will now undergo a quality and consistency process with the Financial Action Task Force and the Global Network, prior to its publication later in 2024. Whilst the ratings remain confidential until the conclusion of the process, Guyana has provisionally gained good ratings in light of its national coordination mechanisms, the understanding of its risk and context and the operations of its Financial Intelligence Unit (FIU).

Guyana also has demonstrated that it has mechanisms for effective supervision, and preventative measures to enable authorities to combat money laundering and terrorist financing, which encourage the abilities of financial institutions and designated non-financial business professions (DNFBPs) as gatekeepers towards ensuring that they are not abused for AML/CFT purposes.

The legislative agenda to reform the AML/CFT framework was successful, with Guyana provisionally succeeding in 88% of the Recommendations being rated Compliant or Largely Compliant, with 12% rated Partially Compliant.

In none of the areas in which Guyana was examined were there any provisional rating as non-compliant.

The Hon. Mohabir Anil Nandlall SC MP, Attorney General and Minister of Legal Affairs who led Guyana’s delegation assured the Plenary that Guyana recognises the need to continue to invest in law enforcement authorities to ensure that the ability to combat money laundering, terrorist financing and proliferation financing remains paramount and gains further tangible results in its follow up Process.

Guyana will report back to the CFATF in November 2025 on its Follow-Up Actions based on the final published Report.

The Guyana delegation included officials from the Attorney General’s Chambers and Ministry of Legal Affairs, the Bank of Guyana, the Financial Intelligence Unit (FIU), the Ministry of Natural Resources, the Guyana Geology and Mines Commission (GGMC), the Guyana Gold Board, the Special Organised Crime Unit (SOCU), the Guyana Securities Council, the Treaty Office of the Ministry of Home Affairs, the Guyana Revenue Authority (GRA), the Gaming Authority (GA) and the Office of the Director of Public Prosecutions (DPP).