On Tuesday, the Ministry of Finance in collaboration with the World Bank hosted a national risk assessment training workshop at the Princess International Hotel to educate participants about unconventional forms of money laundering.
Attorney General and Minister of Legal Affairs, Basil Williams, in delivering remarks at the event, pointed out that Guyana continues to strengthen its legislative framework, giving the emerging threats of money laundering and the financing of terrorism the world over.
“We must recognize the need to combat money laundering and terrorists financing as their stain have a lasting effect. However, a part from their negative economic effect, money laundering and terrorists financing significantly contribute world decay of society and destruction of lives.”
Meanwhile, Finance Secretary of the Ministry of Finance, Dr. Hector Butts underscored it is also important that countries do not provide a haven for such criminal acts.
“Being cognizant of the fact that all countries should enact and enforce effective anti-money laundering and countering the financing laws to detect and deter these illegal activities it means that we should work in harmony especially with the region in terms of making sure we minimize opportunities for money laundering.”
The fact that Guyana is a cash based economy, which provides opportunities for money laundering through GTT’s mobile money, the sale of telephone cards and money changers on the streets, is gaining the attention of the stakeholders.
The workshop is being done in partnership with the World Bank and Government of Guyana.
It is aimed at supporting anti-money laundering and financing of terrorism initiatives in national risk assessments and capacity building.