Guyana is closer to having its application for membership to the renowned Egmont Group approved, as it has already satisfied several requirements.
Director of the Financial Intelligence Unit (FIU), Matthew Langevine, in a Department of Public Information statement, said Attorney General and Legal Affairs Minister Mohabir Anil Nandlall, SC, has already reviewed certain elements of the FIU legislation, which is a major requirement for the country’s application to move forward.
The Egmont Group is a united body of 166 FIUs. It was created to provide Units around the world with a forum to exchange information confidentially, to combat money laundering, the financing of terrorism, and other predicate offences.
While Memorandums of Understanding (MOUs) have been signed with regional FIUs that allow Guyana to share information, becoming a member of the Egmont Group would allow the country to exchange information with larger countries in Europe and Latin America.
“Once we become a member of the Egmont Group, it is a very important requirement, and we continue to make it a priority in the FIU, and I know the Government is committed to supporting our efforts in that regard,” Langevine told DPI in a recent interview.
Guyana’s two sponsors, Trinidad and Tobago and the British Virgin Islands, have also reviewed Guyana’s FIU legislation, competency, organisational function, and staffing.
“They have done preliminary review. We had a visit in the past from a representative from the Egmont Group as well as one of the sponsors. In fact, we received an update from the recently-held FIU heads forum, where a report was provided by the group’s regional representative.
“Being a member of the Egmont Group is a very important part of ensuring that the FIU is able to function in an effective manner. As a member of the Egmont Group, we are more effectively and efficiently able to share and exchange information like FIUs across the world.”
Application to the Egmont Group was first made in 2014.