The Ministry of Legal Affairs has completed all sensitisation meetings with reporting entities ahead of the Financial Action Task Force and International Cooperation Review Group (FATF /ICRG) on-site visit to Guyana.
Attorney General (AG) and Minister of Legal Affairs, Basil Williams told the Government Information Agency (GINA) that he was impressed with the participants’ willingness to comply with the process.
“I’m very impressed by the fact that they’re consciously seeking to comply with all of those FATF/CFATF (Caribbean Financial Action Task Force) requirements,” Williams said.
Attorney General Basil Williams at the last sensitisation meeting
The Attorney General met with representatives of banks, money transfer agencies and cambio dealers to sensitise them on the Anti-Money Laundering and Countering the Financing of Terrorism (amended) legislation between July and August. Last week, the Ministry held its final meeting with insurance brokers and companies, and representatives of the Princess International Casino.
“We wish to commend all of these entities which participated in the sensitisation programme,” AG Williams said. “They seem to have shown more than passing knowledge of the requirements, and I believe that the on-site shouldn’t bear any fear because all of these entities are conscious, and they are conscientiously trying to do their best,” the AG added.
In September, a FATF/ICRG team will be in Guyana for an on-site visit to conduct inspections at the reporting entities and supervisory authorities to verify that the implementation of seven AML/CFT reforms has begun and are being sustained.
Now that the sensitisation meetings are completed, a report will be presented in the FATF/ICRG October Plenary. Once the FATF/ICRG co-chairs conclude that Guyana has satisfied its on-site verification, then a motion will be moved at the plenary to remove Guyana from the FATF/ICRG’s review list.