Georgetown: Provisions in response to matters that were recently raised by the Financial Action Task Force (FATF), relating specifically to the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Amendment Bill 2015 have been approved by Cabinet. This was disclosed at today’s post-Cabinet press conference, held by Minister of State Joseph Harmon, at Shiv Chanderpaul Drive.
These provisions are related specifically to legislation, in certain areas.
According to Harmon, the draft bill focuses on “greater emphasis on terrorist financing, due diligence and beneficial ownership, financial sanction, as it relates to terrorism and terrorism financing, and also strengthening for supervisory regimes, by expanding the Financial Intelligence Unit (FIU), and proper criteria to be utilised by financial supervisory authorities.”
The amendments, approved by Cabinet, were proposed by Attorney General Basil Williams, and the Bill will be presented at the next Sitting of the National Assembly.
Williams also had earlier disclosed that following a meeting with the Caribbean Financial Action Task Force (CFATF) in Trinidad and Tobago recently, Guyana was lauded for its efforts in complying with some of the requirements.
According to the AG, Guyana is now required to report to the next CFATF plenary in May 2016, on its compliance status.
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