Attorney General and Legal Affairs Minister, Anil Nandlall, S.C, on Tuesday met with a visiting delegation from the Financial Intelligence Units (FIU) of Trinidad and Tobago and the British Virgin Islands during which he underscored the importance of accelerating Guyana’s application to join the Egmont Group.
He added that Guyana is becoming a sophisticated economy attracting large investments and as such, creating a strong regulatory framework to protect its growing financial sector is of paramount importance to the Government.
He stated that the visit is timely and took the opportunity to update the team on the various pieces of legislation currently in draft to strengthen and update Guyana’s AML/CFT regime and to meet the Financial Action Task Force (FATF) international standards, including amendments to the principal AML/CFT Act, a Bill to create an omnibus agency as a supervisory authority for unsupervised entities, and a draft Real Estate Bill which will provide the regulatory framework for real estate agents and developers.
The visiting delegation comprised Director of Acting Director of the FIU, Trinidad and Tobago, Nigel Stoddard and the Director of the Financial Investigation Agency, British Virgin Islands, Errol George.
The team, according to a release from the AG office is currently in Guyana conducting an on-site visit with regards to Guyana’s application to join the Egmont Group of FIU.
“Subsequent to their visit, the delegation will provide a report to the Egmont Group in July in Dubai for consideration. If successful, this will enable Guyana to join the Egmont Group in early-2024. Guyana’s joinder to this important international institution will significantly enhance its FIU institutional capability to access 1 international platform and to receive and be able to disseminate vital information and intelligence in relation to organized crime, terrorist financing, and other local and cross-border illicit activities,” the release added.
The delegation commended Guyana on its current AML/CFT framework and the consistent exchange of information and cooperation within this domestic network. The delegation also hailed Guyana’s FIU for executing Memoranda of Understanding (MoU) with almost all of its counterparts across the Caribbean and other key stakeholders.
During their visit, the delegation met with the Finance Secretary, the Special Organised Crime Unit (SOCU), the Customs Anti Narcotic Unit (CANU), the Director of Public Prosecutions (DPP), representatives from the Bank of Guyana, Guyana Securities Council and the Guyana Revenue Authority (GRA).
They are also scheduled to meet with reporting entities including the commercial banks and the Guyana Immigration Service.
Meanwhile, accompanying the Attorney General at the meeting were the Director of the FIU Guyana, Matthew Langevine and Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Officer attached to the Attorney General Chambers, Rommel St. Hill.
