From all indications, Guyana, once again, has been able to avert being placed on a blacklist by the Financial Action Task Force (FATF), the Government Information Agency (GINA) reported yesterday.

This, GINA reported, is “largely due to the high level commitment of the government coupled with demonstrable actions taken in the country’s attempts to comply with recommendations made to address the technical deficiencies identified in the country’s AML/CFT regime.”

GINA reported that Guyana will, however, continue to be subjected to an “ongoing process in improving compliance” to ensure that it discharges its obligations under the Action Plan which was worked out with the Americas Regional Review Group (ARRG) and submitted as Guyana’s action plan. GINA said a statement will formally be issued today to this effect and will also identify the actions which Guyana is required to take within time frames which will be specified.

Earlier this week, the Guyana Government delivered a letter to the FATF committing to remedy gaps in the country’s anti-laundering legislation.

The letter was delivered in Paris, where the FATF is meeting, by Attorney General Anil Nandlall.

Observers had noted that the commitment still requires an agreement between the government and the opposition so that the amended bill can be passed in Parliament. The government and the opposition have haggled on the bill for over two years and an agreement is still to be reached.

On Monday, Guyana was reviewed by the FATF’s International Co-operation Review Group, in Paris and this continued up to yesterday by which time, the country was expected to be told its fate.

In his presentation, GINA said, the Attorney General reiterated the country’s commitment to international financial legislation, and reported that an action plan was worked out between Guyana and the ARRG in which certain technical deficiencies were pinpointed in Guyana’s Anti-Money Laundering/ Countering the Financing of Terrorism (AML/CFT) regime and timeframes were agreed for these deficiencies to be rectified.