…says additional training for financial analysts to boost capacity
The Financial Intelligence Unit (FIU), even prior to a formal Memorandum of Understanding (MoU), had been able to establish a relationship with a number of stakeholder agencies that have been sharing information with the entity.
FIU Director Matthew Langevine
This is according to the FIU Director, Matthew Langevine, who in a recent interview with Guyana Times stated that the mandate of the Unit is to facilitate the detection, prevention and deterrence of money laundering, and financing of terrorist activity in Guyana and to date, it has been successful in this regard.
“We have been doing very well in terms of executing our mandate, receiving information, analysing information, putting out intelligence reports. Also, in completing guidelines so that the competent authorities and other reporting entities will ensure that they are following the requirements of a good and effective Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) programme. In 2018, we have had outreaches throughout the country, a number of training sessions, and the developing staff within the FIU,” Langevine said.
He explained that the FIU’s financial analysts over the past year have benefitted from significant additional training which will improve their effectiveness in conducting and completing intelligence reports.
“We have been doing a number of things to improve the effectiveness of not only the FIU but the AML/CFT regime as a whole,” he added.
It is expected that the recent inking of MoUs with several agencies and the upcoming signings of such that the regulatory framework stipulated within the agreements will better equip the FIU and enhance the performance of the Unit which will ultimately lead to successful prosecutions and convictions.
The FIU of Guyana is an autonomous body responsible for requesting, receiving, analysing and disseminating suspicious transaction reports and other information relating to money laundering, terrorist financing or the proceeds of crime. It was established and operates within the ambit of the Anti-Money Laundering and Countering the Financing of Terrorism Act (AMLCFTA) 2009 and its Regulations.
The Act authorises the FIU to request and receive information from any reporting entity, any supervisory agency and any law enforcement agency or any other competent authority in Guyana.
The FIU compiles reports for competent and law enforcement authorities if there are reasonable grounds to suspect that transactions involve money laundering, proceeds of crime or terrorist financing.
It also extends legal assistance to foreign jurisdictions with respect to production orders, property tracking, monitoring, and forfeiture or confiscation orders.
Earlier this month it was reported that the FIU has submitted its annual report to the Finance Ministry, as the Unit has revealed that financial crimes involving over $8 billion worth of illicit money were reported to it for the 2018 fiscal year.
