Attorney General and Minister of Legal Affairs, Anil Nandlall S.C recently disclosed that Guyana will soon become a member of the prestigious Egmont group in an effort to boost the country’s capacity to fight money laundering.
He said membership will be possible following an amendment to the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) legislation which will be laid in the National Assembly on Thursday.
The Attorney General said he will be reading for the first time, an amendment to the legislation to allow for membership to the Egmont Group.
Guyana’s first application to become a member of the Egmont Group was made in 2014. The Egmont Group is made up of 156 Financial Intelligence Units (FIUs) and provides a secured platform for the exchange of expertise and financial intelligence to combat money laundering and terrorist financing.
It also supports the efforts of its international partners and other stakeholders to give effect to the resolutions and statements by the United Nations Security Council, the G20 Finance Ministers, and the Financial Action Task Force (FATF).
“In this amalgam, they have certain facilities that are reciprocal to members so they share information, they share platforms, and it augments the capability of the individual states to discharge their functions under their respective legislations. We are going to be part of that very prestigious international grouping very shortly,” the Attorney General stated.
The Egmont Group is also considered a trusted gateway for sharing financial information domestically and internationally in accordance with global AML/CFT standards. ( Modified and Extracted from DPI)