Minister of State Joseph Harmon said that the team “will seek to verify whether Guyana instituted the reforms recommended in the action plan agreed by FATF (Financial Action Task Force) and the Government of Guyana, as well as to whether the government is resolved politically to sustain those reforms”.
The FATF team has already held talks with Attorney General and Minister of Legal Affairs Basil Williams, who last month said his compliance team had completed sensitisation meetings with reporting entities ahead of the IRCG visit.
The compliance team met with banks, money transfer agencies and cambio dealers to sensitise them on the Anti-Money Laundering and Counterfeiting the Financing of Terrorism (amended) legislation.
The FATF/ICRG team will be conducting inspections at these reporting entities and supervisory authorities to verify that implementation of seven AML/CFT reforms have begun and are being sustained.
The results of this onsite visit will be placed on the agenda of the next FATF plenary which takes place in Paris, France in October 2016.
A government statement said that a successful visit will see a motion being moved at this plenary for Guyana to exit the FATF/ICRG’s review list.
“Once Guyana receives clearance from the FATF list, it should be atomically cleared for removal from the Caribbean Financial Action Task Force (CFTA),” the statement noted, adding that “removal from the FATF’s review list means a “clean bill of health” for Guyana in relation to organisations’ compliance in combating money laundering and terrorist financing”.
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