Trinidad warns institutions of deficiencies in Guyana anti-laundering law

The Trinidad and Tobago government has informed local financial institutions and businesses of Guyana’s deficiencies in the area of anti-money laundering and combatting the financing of terrorism (AML/CFT) through notices in the media.

It is a move likely to raise concerns about whether Caribbean jurisdictions are considering implementing counter measures to protect their financial systems from risks emanating from Guyana.

The Financial Intelligence Unit (FIU) of the Trinidad Ministry of Finance and the Economy this week issued a public notice in the daily newspapers which listed Guyana as a jurisdiction with significant AML/CFT deficiencies. The notice referred to the statement issued by Caribbean Financial Action Task Force (CFTAF) on May 29 when further measures were taken against Guyana.

Trinidad’s FIU Director Susan Francois signed the public notice.

The notice reads, “Notice is given pursuant to Section 8(3) of the Financial Intelligence Unit of Trinidad and Tobago at, Chap 72:01 which requires the Financial Intelligence Unit of Trinidad and Tobago to provide assistance to Financial Institutions and Listed Businesses in connection with their obligations including the requirement to identify and pay special attention to countries identified as Non-compliant or not sufficiently Compliant with the recommendations of the Financial Action Task Force.”

It also quoted this section of CFAFT’s statement on Guyana:

“As a result of not meeting the agreed timelines in its Action Plan, the CFATF recognises Guyana as a jurisdiction with significant AML/CFT deficiencies, which has failed to make significant progress in addressing those deficiencies and the CFATF considers Guyana to be a risk to the international financial system. Members are therefore called upon to implement further counter measures to protect their financial systems from the ongoing money laundering and terrorist financing risks emanating from Guyana.

Also, the CFATF has referred Guyana to the FATF.”

Further, it advised that further information may be sourced on the CFATF’s website.

Last month, Guyana was further blacklisted by CFATF over its failure to amend the anti-money laundering bill. CFATF had recommended further measures against Guyana. It had also referred Guyana to the global body, the Financial Action Task Force.



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