Anti-money laundering bill Amendments passed

On Monday, amendments to the Anti-money Laundering and Countering the Financing of Terrorism Act Cap 10:11, were passed in the National Assembly to ensure the Financial Intelligence Unit (FIU) meets the necessary requirements for Guyana to secure membership to the Egmont Group.

It was revealed that the Egmont Group of Financial Intelligence Unit is an international organisation that facilitates cooperation and intelligence sharing among national financial intelligence units to investigate and prevent money laundering and terrorist financing.

As such, it also supports the efforts of its international partners and other stakeholders to give effect to the resolutions and statements by the United Nations Security Council, the G20 Finance Ministers, and the Financial Action Task Force (FATF).

It was noted that Attorney General and Legal Affairs Minister, Anil Nandlall, S.C., during his presentation on the bill, disclosed that the amendments to the AML/CFT Act are simple yet significant, as Guyana prepares for a review process in the first quarter of 2023.

The AG revealed that admission to the Egmont Group, will boost Guyana’s capacity to fight AML/CFT offences and activities. He disclosed that the Egmont group has certain facilities that are reciprocal to members to share information and platforms.

Further, it also augments the capability of individual states to discharge their functions under their respective legislation. The minister disclosed that the bill amends section two of the Principal Act to provide pertinent definitions related to the principles of anti-money laundering and terrorist financing international best practices.

It was pointed out that Clause three of the Bill amends section 9(4) to provide for sharing of information by the FIU with other law enforcement agencies and other competent authorities. Further, Clause 4 of the Bill amends section 14(1) to strengthen the FIU’s ability to independently enter into agreements or arrangements with foreign FIUs and ensure that these agreements are made in accordance with the Egmont Principles.

Nandlall, while pointing out the importance of this legislation, noted that for the five years under the APNU+ AFC, it failed to enforce the laws of the AML/CFT, with no charges instituted or any convictions of worth.

The minister noted that the Government’s commitment to continuously updating and modernising the legislation to ensure Guyana remains on par with international regulations and requirements to effectively tackle money laundering and other related crimes.