FATF wants Guyana to implement measures for tracing, freezing terrorist assets


640_cyber-crime[www.inewsguyana.com]While the Financial Action Task Force (FATF) has recognized that the APNU+AFC administration has managed to pass the Anti-Money Laundering and Countering the Financing of Terrorism Bill (AML/CFT), it is still advocating for more implementation.

On FATF’s website, it is noted that in October 2014, Guyana made a high-level political commitment to work with the FATF and Caribbean Financial Action Task Force (CFATF) to address its strategic AML/CFT deficiencies.

“Since June 2015, Guyana has taken steps toward improving its AML/CFT regime, including by enacting the AML/CFT Amendment Act 2015. However, the FATF has determined that certain strategic deficiencies remain,” the statement noted.

FATF says that Guyana should continue to implement its action plan by ensuring and “implementing an adequate legal framework for identifying, tracing and freezing terrorist assets.”

It also recommends that Government ensures there is a fully operational and effectively functioning Financial Intelligence Unit (FIU) and establishing effective measures for customer due diligence and enhancing financial transparency.

FATF also pointed to the need for implementing an adequate supervisory framework.

The AML/CFT Bill was presented to the House on June 25 for its first reading by Attorney General, Basil Williams and read for the second time on June 26, where it attracted the support of all 33 members of Parliament on the government side.



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