Guyana Jurisdiction exiting the Third Round of Mutual Evaluations
The November 2016 Plenary in Providenciales, Turks and Caicos Islands, recognised the jurisdictions that have made significant progress in addressing the deficiencies identified during the Third round of Mutual Evaluations conducted by the CFATF and that have exited the follow- up process.
Guyana has addressed the deficiencies identified in the Mutual Evaluation Report adopted by the CFATF Council of Ministers on 25 July, 2011; therefore Guyana has exited the follow-up process of the third round of Mutual Evaluations of the CFATF.
Guyana had all sixteen Core and Key Recommendations rated partly compliant (PC) and non- compliant (NC) and was placed in expedited follow-up. Guyana submitted follow-up reports beginning in November 2011, every six months up to June 2016.
In May 2013, Guyana was also placed on a list of jurisdictions with strategic anti money laundering /combatting the financing of terrorism (AML/CFT) deficiencies that had not made sufficient progress in addressing the deficiencies and as a result of the assessment of measures informed in the Fifth Follow-Up report, Guyana was included in the CFATF Public Statement in the Plenary of November 2013.
Guyana enacted several pieces of key legislation comprising statutes and regulations in 2015. These legislative measures significantly improved the level of compliance in the Ninth Follow- Up in which Guyana had addressed all issues in the sixteen key and core Recommendations originally rated PC/NC and a significant number of other similarly rated Recommendations in the Tenth Follow-Up Report. By then, Guyana was recommended to apply to exit the follow-up process once it had exited the FATF ICRG process.
By the Plenary meeting in November 2016, Guyana presented the Eleventh Follow-up report in which the Core and Key Recommendations initially rated as PC/NC, numbers 1, 4, 5, 10, 13, 23, 35, 40, SRs. I to V), reached a level of compliance comparable to at least LC.
As Guyana successfully exited the FATF ICRG in October 2016 and had addressed all the deficiencies identified in the Core and Key Recommendations, Guyana applied to exit the CFATF ICRG and the follow-up process, which was successfully approved by the CFATF Plenary in Providenciales, Turks and Caicos Islands in November 2016.