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The Private Sector Commission (PSC) yesterday organised a special lecture on anti-money laundering yesterday, during which a Canadian financial expert explained that it is necessary for Guyana to show that the FinancialMatthew Maguire making his detailed presentation to members of the PSC.Action Task Force (FATF) measures are producing results.The expert,Brad Richards Red Wings Jersey, Matthew Maguire, said that when Guyana goes through the fourth round of evaluation under the FATF, questions will be asked whether the new measures are working:“Are you seizing assets? Are you putting people in jail?”He said that Guyana needs to look at what are the outcomes of implementing the new policies instead of boasting of having them in place.“Are we achieving what we set out to achieve in the first place? And so that evaluation will happen in Guyana and it will look at Guyana’s adherence to the new regulations and recommendations.”According to Maguire, these standards will look at how anti-money laundering policies are put in place and coordinated. He said that some of the issues which will arise will take into consideration laws relating to confiscation,NFL Jerseys China Online, terrorist financing, and what are the preventative measures put in place with financial institutions and professional service providers.He noted that money laundering remains a global problem.According to Maguire, money laundering occurs when persons convert illegitimate proceeds into legitimate proceeds.He said that when the illegitimate funds mix with the legitimate funds it becomes hard to tell them apart, and added that some of the crimes which generate illegitimate proceeds according to Guyanese law include murder,Deion Sanders Falcons Jersey, insider trading,Marlon Humphrey Jersey, fraud and trafficking in persons.Maguire said that if nothing is done to rid the society of money launderers,Cheap Sports Jerseys, others will come and take their place as time goes by. According to him, the objective of the launderer is to keep and use his illegitimate funds without getting caught.He identified some of the ways in which persons hide illegal money. These include the purchasing of high value goods,Deion Jones Falcons Jersey, over or under invoicing of goods and buying property to renovate and resell.Additionally, he said that some creative ways in which some persons have chosen to launder their cash is by creating false identities, concealment within business structures, exploiting jurisdictional issues and use of anonymous asset types.He said that some even go as far as to undermine the legitimate private sector companies through criminal price subsidy, commingling of proceeds, and the subsidizing of legitimate business with illegitimate proceeds.According to member of the Private Sector Commission, Ramesh Dookhoo, Maguire was invited to sensitize the local private sector about the issue since there are many unanswered questions.Maguire is a professional chartered accountant and a member of the Canadian government’s Department of Finance Public Private Advisory Committee on anti-money laundering and countering the financing of terrorism.Guyana has recently been taken off the FATF watch list as well as the Caribbean Financial Action Taskforce watch list.