Linden financial agencies benefit from AML/CFT sensitisation seminar

The National Coordination Committee of the Legal Affair Ministry on Wednesday hosted an Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT) Outreach and Sensitisation Seminar in the mining town of Linden, Region 10 (Upper Demerara-Berbice).
The sensitisation seminar, which is being hosted across the country, is considered an important aspect of Guyana’s preparation for its upcoming fourth round mutual evaluation.
Presenters who spoke at the activity stressed the importance of reporting any suspicious financial activities by representing agencies. Legal Affairs Minister Basil Williams in his remarks noted that Guyana is at the forefront of protecting its financial economy from the scourge of money laundering and terrorist financing as he pointed out that persons have been trained to perform the role of assessors.
“…you have to give information of suspicious transactions and also the banks and other financial related bodies, you have to submit to the FIU, threshold reports. That is if a financial transaction exceeds a certain amount of millions…,” the Minister noted.
He added that having convictions is also important in being effective.
Director of the FIU in relation to the fourth round, Matthew Langevine, in his presentation noted that the fourth round is very important in ensuring that the

country does not return to the position of being blacklisted.
He said Guyana is currently experiencing significant economic change and should this occur the country would be significantly affected.
Langevine stressed that it was important for participants to leave the seminar more informed of their roles in fighting money laundering and terrorist financing.
“You as reporting agencies, you have a very important role to play in this process because it starts with you. You are what we call the gatekeepers, because you will see the irregularities first and so it is important that you be trained and you be aware of what is usual, what is normal, what is abnormal. And when you see things that are not normal it is important that you bring it to the attention of the authorities,” Langevine said.
He added that money laundering is real and existent in Guyana and representing agencies have an important part to play in collaborating with the FIU.
He noted too that the recognition and action in dealing with these issues are not only required by law but by the International community which will be looking to ensure that regulations are implemented. In cases where they are not, he said sanctions will be applied.
Langevine pointed out also that money laundering is often predicated by other crimes such as drug trafficking, prostitution, racketeering, bribery, corruption and others crimes where the jail time is six months to the death penalty.
Director of the Bank of Guyana’s Supervision Department Ramnarine Lal who spoke of the obligations and responsibilities of reporting entities pointed to the role of the bank as a supervisory authority for licensed financial institutions.
As such, he stressed that it is important for agencies to know their customers. “A reporting entity, whether it’s a credit union, a money transfer agent, a bank or otherwise, must know the customer who they’re dealing with. And by knowing the customer it means you have proof of their identity…,” he indicated.
Lal said agencies must also have adequate records of the customer which must be periodically updated, adding that reporting entities must also query and report suspicious or unusual financial activities to the FIU.
Also addressing the gathering was Head of the Special Organised Crime Unit (SOCU) Sydney James who explained the role SOCU has in investigating all money laundering and terrorist financing offences.
He said the majority of investigations which naturally flow from the FIU, with the two main areas being money laundering and terrorist financing.
He stressed also that since gold is found in such large quantity in Guyana, there are individuals who illegally export the mineral in significant quantities. This, he noted, is also another aspect where SOCU is involved.
Also delivering remarks were Legal/Compliance officer of the Guyana Gold Board, Stacey Weaver; Senior State Counsel Natasha Backer, who spoke of the role and functions of the office of the Director of Public Prosecutions; Regional Chairman Renis Morian; and Linden Mayor Waneka Arrindell who gave welcoming remarks.
The seminar was attended by staff of the banking and insurance agencies, the Linden Chamber of Commerce, the Private Sector and the Co-ops.