Private Sector Commission

Press Release – IMF lauds Guyana’s Exit from FATF Monitoring List

The Private Sector Commission fully endorses the IMF’s commendation of the Government of Guyana’s sterling efforts which resulted in the country being released from the monitoring list of the international Financial Action Task Force. The Private Sector Commission worked closely with the Hon. Attorney General and his team in the finalising of the Anti-Money Laundering and Countering the Financing of Terrorism Bill, the passage of which was a major factor considered in the release from FATF monitoring, and the efforts of the Attorney General’s Chambers should be applauded.

While much remains to be done to strengthen Guyana’s AML/CFT framework and bring it in line with global standards, the achievement of release from the FATF’s monitoring list is a very significant accomplishment which has taken other countries years to achieve. The entire private sector has benefitted from this with a reduction of the stringent controls which stymied their ability to conduct international transactions and generally to conduct their business.

The IMF Staff Statement was, on the whole, quite encouraging in its assessment of Guyana’s financial oversight framework as evidenced by the Bank of Guyana’s supervisory framework and guidelines which contribute to the health of our financial system.

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