Attorney General Basil Williams on Thursday presented a bill to the National Assembly which would repeal the elaborate Anti-Money Laundering Authority which his government had legislated for in 2015 but which it was told in November last year would breach the country’s international obligations.
The Anti-Money Laundering and Countering the Finance of Terrorism (AML/CFT) (Amendment) 2018 seeks to strengthen the regime for combatting money laundering, terrorist financing and proliferation.
Once this bill becomes law, Guyana would be closer to satisfying the conditions that come under the Financial Action Task Force (FATF) as Clause 3 will satisfy Recommendation 2 of the task force’s 40 Recommendations. Recommendation 2 states that countries should designate an authority to have a co-ordination or other mechanism that is responsible for national anti-money laundering and countering the financing of terrorism and proliferation financing (AML/CFT/PF) policies.
