Guyana has once again demonstrated regional leadership in the fight against money laundering, terrorist financing, and proliferation financing by becoming one of the first countries within the Caribbean Financial Action Task Force (CFATF) to sign and operationalise the landmark Multilateral Memorandum of Understanding (MOU) Among Targeted Financial Sanctions Competent Authorities Within the Caribbean Financial Action Task Force.
The MOU was signed on behalf of Guyana by the Hon. Attorney General and Minister of Legal Affairs, Mohabir Anil Nandlall SC MP, underscoring Guyana’s continued commitment to strengthening its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework in accordance with international standards established by the Financial Action Task Force (FATF).
The agreement establishes a formal framework for cooperation and intelligence-sharing among competent authorities in relation to the implementation of Targeted Financial Sanctions (TFS) pursuant to FATF Recommendations 6 and 7.
The MOU is designed to facilitate the rapid and secure exchange of information concerning persons and entities being considered for designation in matters related to terrorism financing and proliferation financing.
Importantly, the MOU has now become operational following its execution by the requisite number of jurisdictions. In addition to Guyana, the MOU was also signed by several other Member States under CFATF jurisdiction with the expectation that others would follow shortly.
The operationalisation of the MOU marks a significant milestone for the Caribbean region, as it strengthens the collective ability of participating jurisdictions to identify, assess, and disrupt threats associated with terrorist financing and proliferation financing through enhanced regional collaboration and information-sharing.
Among its key objectives, the MOU seeks to:
● Facilitate timely and secure exchanges of intelligence and information among competent authorities;
● Support the identification and designation of persons and entities linked to terrorist financing and proliferation financing activities;
● Enhance regional cooperation in implementing targeted financial sanctions;
● Promote compliance with FATF Recommendations and international best practices; and
● Strengthen the overall integrity and resilience of the Caribbean financial system.
The agreement further provides mechanisms for confidentiality, secure communications, designated points of contact, and coordinated procedures for designation and information exchange among participating states.
Guyana’s participation in this pioneering initiative reflects the Government’s unwavering commitment to maintaining robust AML/CFT safeguards and supporting regional and international efforts to combat transnational financial crime and threats to global security.
Department of Public Information
