CFATF Plenary Meeting: “Consequences of not complying are not an option” – AG Nandlall

…as Guyana defends rating in Trinidad

Attorney General and Legal Affairs Minister Anil Nandlall, SC, has stated that non-compliance with the international standards when it comes to Guyana’s Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) architecture is not an option, given the consequences this could have for the country.
“Guyana has the structural underpinnings, tools and actions to illustrate that in most areas. We have achieved at least moderate to substantial ratings of effectiveness, with only major or moderate improvements needed, based on the Assessment Team’s findings as well as a horizontal review of other MERs in the FATF and CFATF network,” he explained.
“We recognize that while the cost of compliance is high, the consequences of not complying is not an option. Resources, though scarce, are adequately budgeted for annually to improve Guyana’s AML/CFT architecture. I pledge our government’s unequivocal and unwavering commitment to this cause,” Nandlall stated.
The Attorney General made these remarks at the Caribbean Financial Action Task Force (CFATF) 58th Plenary and Working Group Meetings, held from June 2 to 7, 2024 in Port of Spain, Trinidad and Tobago, where Guyana’s 4th Round Mutual Evaluation Report was adopted.
During his address to the Plenary, Nandlall assured that Guyana recognizes the need to continue to invest in law enforcement authorities, in order to ensure that the ability to combat money laundering, terrorist financing, and proliferation financing remains paramount and gains further tangible results in its follow-up process.

He pointed out that while Guyana may not have the perfect regime, no one can fault the efforts demonstrably exhibited by the country thus far. This, he added, is coupled with a clear and settled will and intent to combat money laundering, terrorism financing, and proliferation financing in every sphere of national life.
At last week’s Plenary, Guyana successfully defended the favourable ratings that the country’s AML/CFT architecture received after a Mutual Evaluation Exercise was completed last year.
This Mutual Evaluation Exercise consisted of a comprehensive examination of the country’s AML/CFT regime, including a two-week on-site examination which took place in September 2023.
The Draft Report was adopted after intense scrutiny and discussions at the Plenary, which consisted of over 200 high-level officials from across the Caribbean, Canada, the United Kingdom, the United States, Organization of the American States (OAS), International Monetary Fund (IMF) and Financial Action Task Force (FATF). The Assessment is a peer review process wherein experts from CFATF and FATF jurisdictions assess national measures implemented, which are designed to prevent, detect, investigate, and prosecute money laundering, terrorism financing, and proliferation financing, including the forfeiture of criminal instrumentalities and proceeds and assets derived from crime.
At this face-to-face interrogative peer review engagement in Trinidad, Guyana successfully withstood scrutiny and was able to defend the favourable assessment it received.
The adopted Draft Report will now undergo a quality and consistency process with the Financial Action Task Force and the Global Network before its publication later in 2024. While the ratings remain confidential until the conclusion of the process, Guyana has provisionally gained good ratings in light of its national coordination mechanisms, the understanding of its risk and context, and the operations of its Financial Intelligence Unit (FIU).
Guyana has also demonstrated that it has mechanisms for effective supervision, and preventative measures to enable authorities to combat money laundering and terrorist financing, which encourage the abilities of financial institutions and designated non-financial business professions (DNFBPs) as gatekeepers towards ensuring that they are not abused for AML/CFT purposes.
The legislative agenda to reform the AML/CFT framework was successful, with Guyana provisionally succeeding in 88% of the Recommendations being rated Compliant or Largely Compliant, with 12% rated Partially Compliant.
In none of the areas in which Guyana was examined were there any provisional rating as non-compliant.
Guyana will report back to the CFATF in November 2025 on its Follow-Up Actions based on the final published Report.
The Guyana delegation included officials from the Attorney General’s Chambers and Ministry of Legal Affairs; the Bank of Guyana, the Financial Intelligence Unit (FIU), the Ministry of Natural Resources, the Guyana Geology and Mines Commission (GGMC), the Guyana Gold Board, the Special Organised Crime Unit (SOCU), the Guyana Securities Council, the Treaty Office of the Ministry of Home Affairs, the Guyana Revenue Authority (GRA), the Gaming Authority (GA), and the Office of the Director of Public Prosecutions (DPP).