Private sector endorses commendation of gov’t over anti-laundering framework

The Private Sector Commission (PSC) says it has received the Staff Statement of the International Monetary Fund (IMF) with which the Commission met on March 16, 2017 as part of the Fund’s Article IV Consultations.

The PSC said it fully endorses the IMF’s commendation of the Government of Guyana’s efforts which resulted in the country being released from the monitoring list of the international Financial Action Task Force.

“The Private Sector Commission worked closely with the Hon. Attorney General and his team in the finalising of the Anti-Money Laundering and Counter-ing the Financing of Terrorism Bill, the passage of which was a major factor considered in the release from FATF monitoring, and the efforts of the Attorney General’s Chambers should be applauded.

“While much remains to be done to strengthen Guyana’s AML/CFT framework and bring it in line with global standards, the achievement of release from the FATF’s monitoring list is a very significant accomplishment which has taken other countries years to achieve.  The entire private sector has benefitted from this with a reduction of the stringent controls which stymied their ability to conduct international transactions and generally to conduct their business”, the PSC said.

The PSC said that the IMF Staff Statement was, on the whole, quite encouraging in its assessment of Guyana’s financial oversight framework as evidenced by the Bank of Guyana’s supervisory framework and guidelines.

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