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FATF presses Guyana to implement ALM/CFT Act

Guyana is being urged by the Financial Action Task Force (FATF) to get its house in order as it relates to the implementation of the amendments of the Anti-Money Laundering and Countering of Financing Terrorism (AML/CFT) law passed in Parliament in June.

This comes after FATF held its plenary meeting in France from October 21 – 23 at which Guyana was represented by Attorney General Basil Williams.

The release on FATF’s website noted that, Guyana made a high-level political commitment to work with the FATF and CFATF to address its strategic AML/CFT deficiencies in October 2014.

“Since June 2015, Guyana has taken steps toward improving its AML/CFT regime, including by enacting the AML/CFT Amendment Act 2015. However, the FATF has determined that certain strategic deficiencies remain.”

It said that Guyana should continue to implement its action plan, including by: ensuring and implementing an adequate legal framework for identifying, tracing and freezing terrorist assets and ensuring a fully operational and effectively functioning financial intelligence unit.

FATF says  that establishing effective measures for customer due diligence and enhancing financial transparency; and implementing an adequate supervisory framework are also important for Guyana.