Wednesday, November 27, 2013
Guyana has been blacklisted by the Caribbean Financial Action Task Force (CFATF).
The CFATF took this action since Guyana failed to enact legislation to combat money laundering and countering the financing of terrorism (AML/CFT).
According to a statement posted on the CFATF website, 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 to combat money laundering and the financing of terrorism.
Guyana must now pass the relevant legislation and implement all the outstanding issues within its Action Plan including fully criminalizing money laundering and terrorist financing offences, as well as addressing all the requirements on beneficial ownership.
In addition, 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.