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To ensure that proper legal services are provided to the Government; to provide statutory services to the public relating to the public trust and bankruptcy matters; and to register titles, mortgages, companies, societies and other bodies as well as other documents, as required by the law.

Attorney General and Minister of Legal Affairs, Basil Williams, S.C, M.P (fifth right) along with members of the AML/CFT National Coordination Committee and the visiting World Bank team

REPRESENTATIVES of the World Bank have committed to supporting the strengthening of Guyana’s Anti-Money Laundering and the Combating the Financing of Terrorism (AML/CFT) regime.

At a meeting hosted at the Ministry of Legal Affairs on Monday, members of the AML/CFT National Coordination Committee and a visiting World Bank team discussed the methods of technical and advisory support which can be used to achieve this.

Key on the agenda was technical assistance to conduct critical updates to Guyana’s ML/TF National Risk Assessment (NRA). According to a release from the Ministry, Financial Sector Specialist at the World Bank, Gulliaume Herve Mathey explained that an updated NRA would be necessary as the World Bank has improved the tool used in Guyana’s last NRA conducted during 2016-2017.

This was supported by his team member, Financial Sector Specialist, of the Financial Stability and Integrity Unit., Matei Dohotaru. As such, Guyana must conduct another NRA to reassess all the threats and vulnerabilities that may exist at a national and/ or sectoral level.

Added to this, as Guyana prepares for first oil come early 2020, several new risk factors will have to be considered. “The World Bank has developed a guide for countries conducting their ML/TF risk assessment. This guide is in the form of a methodological risk assessment tool. It is an Excel-based model that enables countries to identify the main drivers of their ML/TF risks,” the Ministry stated.

“The tool will assist Guyana in conducting a self-assessment of the ML/ TF risk and vulnerabilities locally. This approach is in line with the recommendations of the Financial Action Task Force (FATF). FATF Recommendation 1 requires that countries identify, assess and understand the ML/TF risks within their jurisdiction and then implement a risk-based action plan and apply resources to mitigate the identified risks.”

Commenting on the visit, Attorney General and Minister of Legal Affairs, Basil Williams, S.C, M.P noted that it was timely. He stated that the AML/CFT NCC had commenced planning for the country’s next national risk assessment which must be completed well in advance of Guyana’s next Mutual Evaluation scheduled for 2022.
The World Bank team is currently in Guyana conducting a scoping mission of the country’s AML/CFT Framework and will be meeting with several other stakeholders involved in the AML/CFT regime in Guyana.