Massy Guyana taking anti-money laundering laws seriously


Massy (Guyana) Limited, which is celebrating 50 years of operation, has stressed the need for compliance with the country’s laws against money laundering and the financing of terrorism.

Deo Persaud, Chairman of Massy Guyana, has emphasised the need for good corporate governance as well as Massy’s commitment to being a good corporate citizen.

Speaking at a recent training session for directors and the company’s senior management, Persaud noted that the company is dedicated to complying with the provisions of the Anti-Money Laundering and Countering of Financing Terrorism (AML/CFT) Act of 2009.

As a result, he said Massy Guyana has established a fully functional compliance department in keeping with the company’s statutory obligations.

His comments were made at the company first AML/CFT Training Session on February 12.

Attorney-at-Law Yolander Persaud, who heads the Compliance Department, discussed the legal requirements and responsibilities of reporting entities and paid particular attention to the penalties for failing to do so as laid out in the 2017 Amendment of the legislation.

Persaud, who serves as Massy Guyana’s Legal Advisor and Corporate Secretary, said companies which are deemed as reporting entities under the AML/CFT Act have a statutory duty to facilitate such training for its directors and senior management team.

The keynote speaker at the event was Dr. Toussant Boyce, a Guyanese who heads the Office of Integrity, Compliance and Accountability (ICA) at the Caribbean Development Bank, in Barbados.

He highlighted the challenges facing the Caribbean given the incidence of money laundering.

He also noted the effects of the de-risking of correspondent banking relationships at the national, regional and international levels, Massy Guyana stated in a press release.

According to the company, Dr Boyce provided much-needed insight on the domino effects of de-risking by large international banks and the concomitant realities faced by the financial sectors of the Caribbean.

Also addressing the participants was Director of the Financial Intelligence Unit (FIU), Matthew Langevine.

He discussed the role of directors in AML Governance and stressed the importance of the appointment of qualified Compliance Officers, the creation and implementation of AML/CFT policies and procedures, the training of staff in compliance and the reporting of suspicious activity to the FIU.

He commended Massy for facilitating the training and for its dedication to ensuring compliance with the AML/CFT legislation.

Mr. Langevine also lauded Massy for being the first company in Guyana to host an event of its kind.

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