HGP Nightly News – Guyana has signed and operationalised a regional agreement intended to strengthen cooperation among Caribbean jurisdictions in matters involving money laundering, terrorist financing and proliferation financing.
The Multilateral Memorandum of Understanding among Targeted Financial Sanctions Competent Authorities within the Caribbean Financial Action Task Force was signed on Guyana’s behalf by Attorney General and Minister of Legal Affairs, Anil Nandlall.
The agreement establishes a formal framework for cooperation and information-sharing among competent authorities responsible for implementing Targeted Financial Sanctions.
These sanctions are connected to international standards under Financial Action Task Force Recommendations 6 and 7, which deal with terrorist financing and proliferation financing.
According to the statement, the MOU is intended to support the rapid and secure exchange of information on persons and entities being considered for designation in relation to terrorism financing and proliferation financing.
The agreement has now become operational after being signed by the required number of jurisdictions. In addition to Guyana, several other CFATF member states have also signed the MOU, while others are expected to do so.
The operationalisation of the agreement is expected to improve regional cooperation in identifying, assessing and disrupting financial threats linked to terrorism and proliferation financing.
Among its objectives, the MOU provides for timely and secure intelligence-sharing, support for the identification and designation of persons and entities, and improved coordination in the implementation of targeted financial sanctions.
It also seeks to promote compliance with FATF standards and strengthen the integrity of the Caribbean financial system.
The agreement includes mechanisms for confidentiality, secure communication, designated points of contact and coordinated procedures for information exchange among participating states.
Guyana’s participation forms part of wider efforts to strengthen its anti-money laundering and countering the financing of terrorism framework.
The government has said the country remains committed to meeting regional and international obligations aimed at combating transnational financial crime and threats to global security.
