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Several Caribbean countries complete CFATF review process

GEORGETOWN, Guyana, CMC – The review process implemented by the Caribbean Financial Action Task Force (CFATF) and the International Cooperation Review Group (ICRG) has been completed by several countries in the region.

According to Guyana’s Attorney General, Anil Nandlall, Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and Trinidad and Tobago have all graduated out of the CFATF/ ICRG review process.

Guyana remains the only country in the CFAF grouping that was referred to, and is under review at the FATF/ICRG level.

However, Nandall, informed CFATF at a meeting in El Salvador on Wednesday that the non-legislative measures of the Anti-Money Laundering and Countering the Financing of Terrorism (AMLCFT) regime are being implemented with dispatch and there is the possibility that these will be completed long before the May 2015 deadline.

With regards the legislative measures, the Attorney-General pointed out that this is the area which continues to pose tremendous challenges to the Government of Guyana since up until the Paris meeting, the majority comprising the joint opposition in the National Assembly refused to lend their support to the enactment of the AMLCFT Bill  which captures all the requisite legislative measures.

During the special ministerial meeting  in El Salvador, officials again urged Guyana to implement its action plan that was approved by CFATF’s parent body, the Financial Action Task Force (FATF).

Meanwhile, President Donald Ramotar in a letter to FATF’s President,. Roger Wilkins , said his government is committed to implementing the action plan developed between the Guyana Government and the International Cooperation Review Group (ICRG).

Guyana has made a high-level political commitment to work with the FATF and CFATF to address its strategic AML/CFT deficiencies. FATF on its website stated that Guyana will work on implementing its action plan to address these deficiencies.

Among those listed are adequately criminalising money laundering and terrorist financing; establishing and implementing adequate procedures,establishing effective measures for customer due diligence and enhancing financial transparency.

 

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GEORGETOWN, Guyana, CMC – The review process implemented by the Caribbean Financial Action Task Force (CFATF) and the International Cooperation Review Group (ICRG) has been completed by several countries in the region.

According to Guyana’s Attorney General, Anil Nandlall, Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and Trinidad and Tobago have all graduated out of the CFATF/ ICRG review process.

Guyana remains the only country in the CFAF grouping that was referred to, and is under review at the FATF/ICRG level.

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However, Nandall, informed CFATF at a meeting in El Salvador on Wednesday that the non-legislative measures of the Anti-Money Laundering and Countering the Financing of Terrorism (AMLCFT) regime are being implemented with dispatch and there is the possibility that these will be completed long before the May 2015 deadline.

With regards the legislative measures, the Attorney-General pointed out that this is the area which continues to pose tremendous challenges to the Government of Guyana since up until the Paris meeting, the majority comprising the joint opposition in the National Assembly refused to lend their support to the enactment of the AMLCFT Bill  which captures all the requisite legislative measures.

During the special ministerial meeting  in El Salvador, officials again urged Guyana to implement its action plan that was approved by CFATF’s parent body, the Financial Action Task Force (FATF).

Meanwhile, President Donald Ramotar in a letter to FATF’s President,. Roger Wilkins , said his government is committed to implementing the action plan developed between the Guyana Government and the International Cooperation Review Group (ICRG).

Guyana has made a high-level political commitment to work with the FATF and CFATF to address its strategic AML/CFT deficiencies. FATF on its website stated that Guyana will work on implementing its action plan to address these deficiencies.

Among those listed are adequately criminalising money laundering and terrorist financing; establishing and implementing adequate procedures,establishing effective measures for customer due diligence and enhancing financial transparency.