…as CFATF team completes on site evaluation
Guyana applauded for steps taken to mitigate anti-money laundering risks – Guyana Times
“The initial high-level findings found that Guyana has good coordination for the identification and mitigation of money laundering/terrorist financing risks through the NCC. It also acknowledged the risk assessments Guyana has concluded, including the 2021 National Risk Assessment, and its wide dissemination among stakeholders,” the Legal Affairs Ministry revealed.
According to the Ministry, CFATF team lead Avelon Perry and her team presented a summary of their initial findings to Attorney General Anil Nandlall, SC, and the AML/CFT National Coordination Committee.
When it comes to the supervisory authorities such as the Guyana Revenue Authority (GRA) and the Guyana Geology and Mines Commission (GGMC), the initial findings found that most of these authorities demonstrated a risk-based approach and the use of preventative measures.
“There is also a need for a unified approach in tackling money laundering by the various law enforcement agencies, however it was seen that Guyana was investigating money laundering and associated serious offence cases in line with the country’s risk assessment; however, the delay in the administration of cases may have contributed to the current low conviction rate for money laundering.”
“In terms of targeted financial sanctions for terrorism financing and proliferation financing, the team noted that the recent 2023 amendments have cured some of the technical deficiencies; nevertheless, due to the recent passage of the laws there may be a need to revise internal procedures in the implementation of such.”
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