4th round mutual evaluation: CFATF lauds Guyana for significant strides in AML/CFT compliance

– cites wide access to information for multiple law enforcement agencies

Guyana has received plaudits for the strides it has taken in its Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) compliance, which was recognised by the Caribbean Financial Action Task Force (CFATF) during its on-site visit from September 4th – 15th 2023.
According to the fourth round Mutual Evaluation Report compiled by CFATF and adopted at its plenary in May 2024, Guyana has made significant strides when it comes to implementing the National Policy and Strategy Plan (NPSP), addressing AML/CFT risks by revising and enacting key legislations and improving cooperation between Competent Authorities (CA), which include the Guyana Revenue Authority (GRA).
Guyana went through several risk assessments, including a national money laundering (ML) risk assessment in 2017 that was updated in 2021; a 2022 Non-Profit Organisation (NPO) terrorist financing (TF) risk assessment; a 2023 TF risk assessment; a 2023 Legal Persons (LP) and Legal Arrangements (LP) risk assessment; and a 2023 Virtual Assets and Virtual Asset Service Providers risk assessment.
Meanwhile, a sectoral risk assessment on the Extractive Industries was also done in 2023. According to the report, however, the risk assessment on the Extractive Industries had not been finalised and approved by the time CFATF had finished its onsite work. Nevertheless, Guyana’s work in implementing the NPSP was cited.
Another aspect of Guyana’s AML/CFT compliance that came in for acknowledgement, was the fact that CAs in Guyana were able to access a wide range of financial intelligence to conduct their investigations. When it comes to the Financial Intelligence Unit (FIU) of Guyana, it has had access to good quality information that relates to suspicious transactions, monthly currency declarations from GRA and updates on basic and beneficial ownerships, another area that can lead to money laundering if left unchecked.
“The FIU of Guyana has, notwithstanding the limited feedback to REs on the quality of the STRs, demonstrated through intelligence reports, feedback from (law enforcement agencies) and successful case studies, the good quality of the (suspicious transaction reports) received. While not all sectors are reporting, the work of the FIU of Guyana and the products produced, such as its operational and strategic analysis, support the work of LEAs and Cas,” the report states.
According to CFATF, there are several law enforcement agencies in Guyana including the Guyana Police Force (GPF), the Criminal Investigation Department (CID), the Special Organised Crime Unit (SOCU), the Customs Anti-Narcotics Unit (CANU) and GRA. It was noted by CFATF, however, that these agencies could have worked more closely with SOCU, to conduct parallel money laundering investigations.
“In relation to (Terrorist Financing) TF offences, Guyana has had limited TF investigations with no prosecutions or convictions, and as such (CFATF) was unable to determine whether sanctions for TF offences were effective, proportionate and dissuasive,” the body further said in its key findings.
The CFATF team that did the assessment last year was made up of Avelon Perry, Financial Advisor of the CFATF, who was assisted by Sunita Ramsumir, Co-Mission leader Legal Advisor of the CFATF. The other members of the Assessment Team were regional professionals in the AML/CFT/CPF Framework including Shana Donavan, Financial Assessor, Cayman Islands, Teron Greenidge, Law Enforcement Assessor, Grenada, Nikala Bazil, Financial Assessor, Dominica and Cassandra Seetahal, Legal Assessor.
In preparation for Guyana’s fourth round evaluation, the People’s Progressive Party/Civic (PPP/C) Government worked to ensure that the country’s AML/CFT framework is updated. This included implementing several administrative decisions and measures, as well as strengthening many aspects of its legislative architecture.
One critical element to Guyana’s fourth round of mutual evaluation was the enactment of a Real Estate Bill. The draft Real Estate Agents & Brokers Bill was prepared in consultation with the various stakeholders in the local real estate industry and was published for public feedback before its passage in the National Assembly last year.
Another initiative aimed at addressing the gaps in Guyana’s financial sector in accordance with the AML/CFT stipulations was the establishment of a Compliance Commission that will supervise the operations of agencies and/or sectors in the country that do not have a direct regulatory body. The Compliance Commission Bill 2023 was also passed.
Prior to the onsite visit, agencies involved in enforcing AML/CFT laws were brought together to sign a cooperation and information-sharing Memorandum of Understanding (MoU), while a second MoU was signed by competent authorities, law enforcement agencies, and supervisory authorities. (G-3)