Blacklisted


A statement posted on the CFATF website, notes that in November 2011, it had brought to the attention of members, including Guyana, that there were “significant strategic deficiencies in their AML/CFT regime”.


CTAFT said that in the effort to encourage  the “expeditious rectification of the identified strategic deficiencies”, it had developed with Guyana an Action Plan with identified target dates to address the strategic deficiencies that exist to combat money laundering and the financing of terrorism.


“As a result of not meeting the agreed timelines in its Action Plan, the CFATF issued a public statement in May 2013 recommending that Guyana take steps to ensure that it addressed its AML/CFT deficiencies. “Guyana has made efforts to address its deficiencies, however, it has not taken sufficient steps towards improving its AML/CFT compliance regime by failing to approve and implement required legislative reforms”


CFATF said that Guyana must therefore pass the relevant legislation and implement all the outstanding issues within its Action Plan including fully criminalising money laundering and terrorist financing offences, as well as addressing all the requirements on beneficial ownership.


In addition, it said Guyana must strengthen the requirements for suspicious transaction reporting, international co-operation, and the freezing and confiscation of terrorist assets, and fully implementing the UN conventions.

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