PSC disappointed that Guyana is still on monitoring list of FATF

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The-Stabroek-Market-In-Georgetown-Guyana-651x439[www.inewsguyana.com] – The Private Sector Commission (PSC) says it is “deeply disappointed” to learn that Guyana’s status with the Financial Action Task Force (FATF) and the Caribbean Financial Action Task Force (CFATF) has not changed even though the legislative requirements have been met by the passing of the amendments to the Anti-Money Laundering and Countering the Financing of Terrorism Act.

According to a statement from the PSC, “We acknowledge that a significant step has been taken in remedying Guyana’s AML/CFT deficiencies in the passing of this Act and we would like to congratulate the government on achieving this milestone. It should be noted, however, that Guyana agreed to an Action Plan with the Financial Action Task Force in October 2014. The implementation of this Plan remains crucial to the removal of the country from any list of countries that need to be monitored by the FATF and, until all the elements agreed to have been effectively dealt with, transactions emanating from Guyana will continue to be subject to additional scrutiny.”

The PSC noted that the Action Plan included a commitment to ensuring a fully operational and effectively functioning financial intelligence unit, the establishment of effective measures for customer due diligence and financial transparency and the implementation of an adequate supervisory framework.

“The PSC is deeply concerned with regard to being on this monitoring list by FATF and we call on government to urgently take the steps necessary to remedy these strategic AML/CFT deficiencies so that Guyana can be removed from the monitoring list.”

3 COMMENTS

  1. PSC disappointed that Guyana is still on monitoring list of FATF.
    Well if you disappointed then the news media is not the place for you to go show your disappointment.
    Go tell the fat man at US embassy because he said the thing is compliant and your new AG the nasty tape man with Felix repeat after the US fat man that it’s compliant with your 10 M thing.

  2. Haji Norman McClean, Chairman of the PSC, is just saying this because it is expected of him to say something. It is no surprise this impostor is congratulating his government for submitting a deficient Bill on the one hand then complaining about it on the other. This fossil is caught between a rock and strong headed friends. Judging from the way this man answered Snr Counsel Andrew Pilgrim from The Rodney COI, we all know he has “turned a blind eye” to the FATF blacklist. He is still thinks he can appease Guyanese with absurdities and falsifications.

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