‘Guyana’s anti-money laundering framework is working’ – GS Jagdeo

– Refutes claims made by the opposition

Despite claims made by the APNU/AFC opposition, General Secretary of the People’s Progressive Party, Dr Bharrat Jagdeohas underscored the effectiveness of Guyana’s anti-money laundering framework, affirming ‘the system is working’.

He made these remarks as he refutes claims made by the opposition, particularly Ganesh Mahipaul, who suggested that the Guyana Police Force has become a national security risk and the corruption system is not working.

However, during a press conference on Thursday, Dr Jagdeo provided evidence to counter these claims, highlighting a recent evaluation by the Caribbean Financial Action Task Force (CFATF).

Earlier this year, the CFATF concluded its Mutual Evaluation Report (MER), in which Guyana received commendations for implementing strict measures to counter anti-money laundering and other financial crimes.

“This is a major thing because you evaluated based on international standards and based on comments from your peers. That just happened. So, our institution, strategy, policy and legislation are in line with international money laundering laws and practices,” Dr Jagdeo expressed.

Referencing the recent investigation into a high-ranking officer, Jagdeo stated that there are multiple layers that prevents corruption. He explained that there is a process of suspicious transaction reporting and investigation, emphasising the layers of safeguards in place to detect and prevent corruption.

“They (banks) will take your money, put it in their account, and then they will file a suspicious transaction report with the FIU. The FIU then does the investigation.  The FIU, in this case, did the investigation and they sent the report to SOCU in an independent way,” Dr Jagdeo pointed out, noting that this was done without any executive interference compared to what would have happened under the coalition administration.

The general secretary underscored that the system is working, despite challenges and criticisms from the opposition.

Guyana operates under a robust anti-corruption framework, having ratified and committed to several international conventions.

Last year, the government passed the Anti-Money Laundering and Countering the Financing of Terrorism Act amended bill, demonstrating its commitment to robustly fight and prevent corruption.

They sought to modify the act to meet the best-practised standards of the Financial Action Task Force (FATF) and improve the abilities and powers of law enforcement in combatting money laundering, and terrorism and proliferation financing.