Berbice updated about anti- money laundering regulations

Sep 16, 2017 News

Attorney General and Minister of Legal Affairs Basil Williams S.C., M.P. and members of the Ministry of Legal Affairs Compliance Team, on Tuesday held a one-day Anti-Money Laundering Outreach and Sensitisation Seminar, at the Little Rock Suites, New Amsterdam, Berbice.
Accompanying the Minister, was Special Advisor to the Attorney General on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), Tessa Oudkerk; Chief Parliamentary Counsel, Charles Fung-A-Fat S.C., Principal Parliamentary Counsel, Joann Bond; Director of Bank Supervision Department of the Bank of Guyana, Ramnarine Lal; Director of Financial Intelligence Unit (FIU), Matthew Langevine, Head of the Special Organised Crime Unit (SOCU) , Sydney James, Assistant Director of Public Prosecutions (DPP), Teshanna Lake and Chief Co-operatives Development Officer, Perlina Griffith.
According to the AG office yesterday, the aim of the seminar was to inform the reporting entities of their obligations and responsibilities.
“The seminar highlighted the importance of the 4th round of AML/CFT mutual evaluations and its requirements in order to ensure Guyana’s preparedness for the 4th round by 2022.”
The Attorney General, in his opening remarks emphasised that the main work of the CFATF is mutual evaluations.
He expressed the need for Guyana to work towards successfully exiting the fourth round of mutual evaluations and not fall back into the abyss of being a blacklisted country.
“The Attorney General solicited the cooperation of the reporting entities present at the meeting to realise this goal.”
Langevine described the Financial Action Task Force (FATF) as an inter-governmental body established by the ministers of its member jurisdictions, with associate members such as the Caribbean Financial Action Task Force (CFATF).
He explained the process of the fourth round mutual evaluations which assesses a country’s Technical Compliance and Effectiveness.
Lal, according to the AG Chambers, provided in detail, the obligations and responsibilities of all reporting entities.
James and Lake provided insight into their respective roles and functions of SOCU and the office of the DPP.
“It was repeatedly emphasised by the panelists, that the results based nature of the fourth round, is the yard stick by which effectiveness is measured and country ratings are applied.”
The outreach saw a large turnout from various reporting entities within the Port Mourant to New Amsterdam area of East Berbice, Region Sixth.
“The participants were appreciative of the exercise and suggested that similar exercises be conducted in the future .The question and answer session was vibrant. Reporting entities candidly stated their concerns and the panelists responded in kind,” the AG Chambers disclosed.
Updated AML laws were passed last year allowing Guyana to be removed from a grey list after questions were raised about the checks and balances in place to ensure dirty monies are not allowed to permeate the financial system.
Banks and other financial institutions have been mandated under the new regulations to keep close tabs on customers and report suspicious transactions.

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