Massy hosts inaugural anti-money laundering seminar

Massy (Guyana) Ltd. held its inaugural Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) training seminar for its Directors and Senior Management last month.

According to a media release from Massy, the event, which formed part of the Group’s 50th Anniversary activities, was addressed by Dr. Toussant Boyce, a Guyanese who heads the Office of Integrity, Compliance and Accountability (ICA) at the Caribbean Development Bank, in Barbados. In delivering the keynote presentation, the ICA Head highlighted the challenges facing the Region as a result of the incidence of money laundering and the effects of the de-risking of correspondent banking relationships at the national, regional and international levels.  He also provided insight on the domino effects of de-risking by large international banks and the concomitant realities faced by the financial sectors of the Caribbean.

Chairman of the Massy (Guyana) Group, Deo Persaud gave the opening address and emphasized the need for good corporate governance, as well as Massy’s commitment to being a good corporate citizen, the Massy statement said. In his remarks, he noted that Massy as a group is dedicated to complying with the provisions of the AML/CFT Act of 2009, and as a result, has established a fully functional Compliance Department in keeping with the Company’s statutory obligations.

According to the Massy release, the Director of the Financial Intelligence Unit (FIU), Matthew Langevine, in addressing the participants, discussed the role of directors in AML governance and stressed the importance of the appointment of qualified compliance officers, the creation and implementation of AML/CFT policies and procedures, the training of staff in compliance and the reporting of suspicious activity to the FIU. He commended Massy on being the first company in Guyana to facilitate training for its staff, and for its dedication to ensuring compliance with the AML/CFT legislation.

From left to right: Director of the FIU, Matthew Langevine; Chairman of Massy (Guyana) Ltd., Deo Persaud; Group Corporate Legal Advisor, Compliance Officer and Corporate Secretary of Massy (Guyana) Ltd., Yolander Persaud; Head of the Caribbean Development Bank’s ICA Office, Dr. Toussant Boyce. (Massy photo)

Attorney-at-law Yolander Persaud, Legal Advisor and Corporate Secretary of the Massy Guyana Group and head of its  Compliance Department, in brief remarks, noted the legal requirements and responsibilities of reporting entities, whilst paying particular attention to the penalties for failing to do so, as laid out in the 2017 Amendment of the Legislation, the statement said. The Legal Advisor also stated that Companies, which are deemed as reporting entities under the Anti-Money Laundering/Countering the Financing of Terrorism Act 2009, have a statutory duty to facilitate such training for its Directors and Senior Management.

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