Financial Crime World

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Guyana’s Compliance Regulations: A Comprehensive Review

Guyana, known for its rich natural resources and growing economy, has implemented various compliance regulations to combat money laundering and terrorist financing. The country has enacted several acts and regulations aimed at ensuring that businesses and individuals operating within its borders adhere to strict anti-money laundering (AML) and combating the financing of terrorism (CFT) standards.

Key Legislation

One of the most significant pieces of legislation is the Real Estate Agents and Brokers Act 13 of 2023, which aims to regulate the real estate sector and prevent money laundering activities. Additionally, Guyana has enacted several amendments to its AML/CFT regulations, including:

  • Amendment Act No. 10 of 2015
  • Amendment Act No. 15 of 2016
  • Amendment Act No. 17 of 2018

The Guyana Compliance Commission Act

The country has also established the Guyana Compliance Commission Act No. 14 of 2023, which is responsible for implementing and enforcing AML/CFT regulations. The commission works closely with financial institutions, businesses, and individuals to ensure compliance with the law.

AML/CFT Regulations

Guyana’s AML/CFT regulations are designed to prevent and detect money laundering activities, as well as terrorist financing. These regulations require:

  • Customer Due Diligence: Businesses and individuals must carry out due diligence on their customers.
  • Suspicious Transaction Reporting: Businesses and individuals must report suspicious transactions to the authorities.
  • Accurate Record Keeping: Businesses and individuals must maintain accurate records of their financial activities.

Recent Developments

In recent years, Guyana has made significant strides in strengthening its AML/CFT regime. In 2023, the country enacted:

  • AMLCFT (Amendment) Regulations No. 10 of 2023: Introduced new measures to prevent money laundering and terrorist financing.
  • AMLCFT (Amendment) Regulations No. 9 of 2023: Strengthened AML/CFT regulations.

Transparency and Accountability

The Guyana government has also taken steps to improve transparency and accountability in its financial institutions. In 2017, the country enacted:

  • Amendment Act No. 21 of 2017: Requires financial institutions to disclose information on beneficial ownership and control structures.

International Recognition

Guyana’s compliance regulations have received international recognition, with the country being removed from the Financial Action Task Force (FATF) list of jurisdictions under increased monitoring in 2023.

Conclusion

In conclusion, Guyana’s compliance regulations are designed to prevent money laundering and terrorist financing activities. The country has implemented various acts and regulations aimed at ensuring that businesses and individuals operating within its borders adhere to strict AML/CFT standards. With its commitment to transparency and accountability, Guyana is poised for continued economic growth and development.