The Caribbean Financial Action Task Force (CFATF) has commended Guyana for significantly improving its overall level of compliance with regard to the anti-money laundering requirements, Attorney General Basil Williams said yesterday.
Just back from the CFATF Plenary and Working Group Meetings, Williams told a news conference that Guyana has met all recommended actions in 14 recommendations. CFATF, he said, has concluded that Guyana has shown “substantial improvement” in respect to the other 14 recommendations.
The meeting was held in Port of Spain, Trinidad and Tobago from November 23 – 27.
CFATF, he said, further concluded that Guyana should be commended for the improvement in Compliance.
“CFATF indicated that to demonstrate continued implementation the authorities should continue to submit information for each report regarding the provision of training both to the competent authorities and the financial institutions, the on-site AML/CFT inspection activity of the Bank of Guyana, Guyana Securities Council and Chief Co-operatives Development Officer and the various statistical information required under the specific recommendation,” he read from a prepared statement.
Williams stated that CFATF further concluded that due to the remaining outstanding recommended actions, it recommended that Guyana stay in enhanced follow up and be required to report to the next plenary in May, 2016.
Out of the 27 CFATF members, 10 members (including Guyana) are still in the CFATF follow up process under the 3rd Round Mutual Evaluation, he said, adding that all 10 members are urged by CFATF to quickly address their outstanding deficiencies and apply to exit the follow-up process by May, 2016.