GEORGETOWN, Guyana – GUYANA is still at risk of being blacklisted by the Financial Action Task Force (FATF) for failing to pass the Anti-Money Laundering and Countering the Financing of Terrorism legislation.

According to Attorney General Anil Nandlall ,the nation remains on the “precipice” of being blacklisted as the “vital legislation is languishing in the select committee chaired by A Partnership for National Unity member, Carl Greenidge”.

Nandlall says despite the identification of deficiencies in Guyana’s financial and legal architecture, the political opposition continues to reject recommendations to address its shortcomings.

Guyana is executing a work plan given to government by the FATF, and a unit within the organisation has been given the responsibility of supervising the correction of deficiencies identified, he added, saying that as far as possible, “Guyana has attempted to comply with the work plan”.

Guyana’s efforts were recently reviewed during a face-to-face interaction with the Americas Regional Review Group (ARRG) in Miami on September 29.

FATF appointed a special body comprising representatives from the Americas to work with Guyana for the purpose of making a presentation of Guyana’s case in Paris.

The report, which was worked out by both stakeholders, the minister said, has already been sent to Paris for scrutiny.

Guyana’s case to FATF will be put forth during the body’s plenary meeting on October 18-24 in France.

“In Paris, France, it will be decided whether we will be given any further time to correct the deficiencies,” the Attorney General stated.

Guyana is the only country that is technically deficient in terms of its financial crimes’ legislative framework in the western hemisphere, as all of the other FATF member-countries are now concluding their fourth round of examinations.

Guyana is still to come out of the third round.

— CMC