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…suspicious transactions reported to FIU filed away Government officials have for the first time conceded a woeful inability to investigate money laundering in Guyana.Yesterday, two Ministers added that ‘suspicious transactions’ that are reported to the Financial Intelligence Unit of the Ministry of Finance, are merely filed and stored for ‘future use.’Attorney General and Minster of Legal Affairs, Anil Nandlall and Junior Finance Minister, Bishop Juan Edghill,wholesale jerseys, addressing media operatives while at the party’s headquarters,’ Freedom House, on Robb Street, said that there are a lot of powers vested in a number of institutions locally to investigate money laundering.Minister of legal Affairs, Anil Nandlall (left) along with Junior Finance Minister Bishop Juan Edghill (right) and PPP Executive Secretary Zulfikar MustaphaAsked about Guyana’s ability to investigate Money Laundering, Minister Nandlall told media operatives, “Whether we have the capacity to investigate or exercise those powers is a different matter.”He explained that the Anti-Money Laundering and Countering the Financing of Terrorism Act that came into force in 2009, is based on a special model.“Money laundering legislation is not the ordinary type of legislation; they invest in authorities named in the legislation a tremendous plenitude of powers and investigative capacity.”He said that while there are powers vested in the various institutions such as the Guyana Police Force and the Director of Public Prosecutions, “Guyana like many countries in Caribbean do not have much of what it takes to investigate these matters.”He suggested that equipping the relevant agencies with the requisite resources is a tremendous task.“Guyana,” he said, “is not singular in its inability to find all the financial resources that are necessary to make this body fully operational.”The Minister added that at the level of the administration it is committed “to do that which is necessary.”He drew reference to a recent workshop spearheaded under the auspices of the British High Commission that dealt with the confiscation of proceeds of crime under the money laundering legislation.That workshop was held to launch “a guide” on the confiscation of such proceeds.It was attended by several high ranking officials of the Guyana Police Force,Wholesale Authentic Jerseys, staffers of the Director of Public Prosecutions and by the Chancellor of the Judiciary, Justice Carl Singh, among others.According to Nandlall,NHL Jerseys From China, placing the country in a position to adequately deal with the investigations of money laundering is an ongoing process and pointed to the amendments currently before the Special Parliamentary Select Committee as a part of that process.He said that the Caribbean Financial Action Taskforce (CFATF) is quite aware of the status of Guyana and points to the fact that there was a high level delegation in Guyana earlier this year.He said too that for close to two years now Guyana has been submitting semi-annual reports to CFATF.“We are on continuous examination and assessment,Wholesale Jerseys From China,” said Nandlall who added that it is as a result of this ongoing assessment that Guyana was handed a number of recommendations that were presented in the form of the current legislative amendments.“They (CFATF) are aware and we are aware, but what is important is the will on the part of Government to execute the mandate under the legislation.”Junior Finance Minister Juan Edghill who was asked about the current status of Financial Intelligence Unit under the Ministry of Finance and the status of “suspicious transactions,” said that the unit will have to be upgraded in terms of capacity.He said that derived from the fact that Government is looking to amend the principal legislation is that there is a realization “that other things need to be done.”According to Bishop Edghill, there will have to be an increase in the staffing strength of the unit, as well as have greater financial allocations provided.This,Cheap Jerseys China, he said, has to be taken into the context of “how we envisage the gravity and level of money laundering,Cheap Authentic NFL Jerseys, we can’t just speculate that it is so rampant.”Regarding the suspicious reports submitted to the FIU, Bishop Edghill said that it is collected, stored and “they have the necessary framework for the sharing of the information for further action.”The Financial Intelligence Unit of Guyana is an autonomous body responsible for requesting,NFL Jerseys Cheap, receiving, analyzing and disseminating of suspicious transaction reports and other information relating to money laundering, terrorist financing or the proceeds of crime.It was established and operates within the ambit of the Anti Money Laundering and Countering the Financing of Terrorism Act 2009 and its Regulations.Its mandate is to facilitate the detection, prevention and deterrence of money laundering and financing of terrorist activity in Guyana.