Guyana's Low Money Laundering Risk
· 2 min read
A Relatively Clean Record 📈
Amidst growing global concerns surrounding money laundering and terrorist financing, the small South American country of Guyana has maintained a relatively clean record, according to the latest statistics released by market intelligence firm, Statista.
Low Risk Index Score for Money Laundering and Terrorist Financing 📊📉
- For the second consecutive year, Guyana's risk index score regarding money laundering and terrorist financing has registered below six points.
- This result indicates a lower risk level compared to countries like Afghanistan, North Korea, and Syria, which are classified as 'high risk' with index scores of over seven points.
Trend Since 2015 📅
The statistic, titled 'Guyana: Risk Index of Money Laundering and Terrorist Financing 2015-2021', depicts a steady trend for Guyana since 2015. With this latest evaluation, Guyana falls under the 'medium' or 'moderate' risk category.
Factors Contributing to Medium Risk Classification 📈
- Lack of comprehensive anti-money laundering (AML) and Know Your Customer (KYC) regulations
- Limited resources for financial intelligence units and law enforcement agencies
Progress towards Mitigating Money Laundering and Terrorist Financing Risks 🔝
- Committed to strengthening financial oversight
- Implemented new measures to address challenges
Significance of These Findings 🌍
- Dr. Philipp Zumstein, Chief Data Officer at Statista, emphasized the importance of recognizing countries like Guyana in addressing financial crimes.
- Despite Guyana's progress, ongoing challenges persist worldwide in combating money laundering and terrorist financing.
Collaboration and Investment 🤝️
- International cooperation and investment in robust regulatory frameworks, technology, and expertise are essential to protect citizens and economies from the damaging consequences of financial crimes.