Guyana is ‘fit’ to fight money laundering and financing of terrorism – President
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Guyana is ‘fit’ to fight money laundering and financing of terrorism – President

By realadmin / Published on Thursday, 16 Nov 2017 19:44 PM / Comments Off on Guyana is ‘fit’ to fight money laundering and financing of terrorism – President / 157 views

President David Granger, today assured of the country’s readiness to fight money laundering and the financing of terrorism.

President David Granger, during his address said that, “Guyana is fit to fight. It embarked on the path of passing robust regulations and legislation to protect its financial system from financing unlawful activities seventeen years ago.”

The President, delivering the feature address at the opening ceremony of the 46th Plenary and Working Group Meetings of the Caribbean Financial Action Task Force (CFATF) at the Marriott Hotel today said, “Guyana is not only part of the regional fight against money laundering and terrorist financing, but is fit to fight, with the passage of robust legislation over the years.

The Head of State further noted that under his administration, the Bank of Guyana, the Financial Intelligence Unit (FIU) and Office of the Director of Public Prosecutions (DPP) have all been empowered with the authority and autonomy to discharge their functions in accordance with the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) legislation.

Turning his attention to the region, the President said the Caribbean, due to its location and fragmented jurisdictions, makes it a “paradise” for money launderers, tax evaders and assorted transnational criminal cartels.

“These crimes have the potential of disrupting our economies, corrupting officials, subverting our institutions, perverting our youth and spawning frightening levels of crime and violence in society,” President Granger said

Further, the Head of State underlined the importance of the work the agency does to protect the Caribbean from financial and other related criminal activities while lending itself to the enchantment of ‘connectedness’ between regional banks and international financial institutions

“The Task Force’s recommendations are necessary to insulate the Region’s financial sector from the crimes of money-laundering and the financing of terrorism. The Task Force’s recommendations can help to insulate the Region’s economies from contamination by ‘dirty’ money and by protecting the integrity of our financial sector from the risks associated with ill-gotten gains,” the President added.

Meantime, Attorney General and Minister of Legal Affairs, Senior Counsel, Basil Williams, in his introductory remarks, said that the hosting of the conference is a memorable and auspicious achievement for Guyana since it puts the country in the position to lead the regional drive in the fight against money laundering and the financing of terrorism.

He underscored the importance of effective implementation and strict compliance with the recommendations of the Financial Action Task Force (FATF) in this fight.

The 46th Plenary and Working Group Meetings of the CFATF will conclude on Thursday, November 16, 2017. (DPI)