Financial Crime World

AML Policies and Procedures in Guyana: Understanding the Legal Framework

Guyana has enacted a series of laws and regulations aimed at preventing money laundering and terrorism financing. These efforts are designed to ensure that all financial institutions operating within its borders are subject to rigorous anti-money laundering (AML) requirements.

The Real Estate Agents and Brokers Act 13 of 2023, Anti-Money Laundering and Countering the Financing of Terrorism Act No. 13 of 2009, and various amendments to this act have established a comprehensive legal framework for Guyana’s AML policies and procedures.

Recent Amendments

The most recent amendments to the AML/CFT law were made through Act No. 15 of 2023. This amendment introduced new provisions aimed at strengthening Guyana’s AML regime, including expanding the definition of money laundering and terrorism financing, making it easier for authorities to prosecute these offenses.

Key Legislation

  • Guyana Compliance Commission Act No. 14 of 2023: Established the Guyana Compliance Commission as an independent body responsible for overseeing AML compliance in the financial sector.
  • Anti-Money Laundering and Countering the Financing of Terrorism Act No. 13 of 2009: Introduced a comprehensive legal framework for preventing money laundering and terrorism financing.

Administrative Measures

In addition to these laws and regulations, Guyana has implemented several administrative measures aimed at preventing money laundering and terrorism financing, including:

  • AML/CFT Department within the central bank: Responsible for monitoring and enforcing compliance with AML regulations.
  • Robust internal controls and risk management systems: Required of financial institutions to detect and prevent suspicious transactions.
  • Suspicious activity reporting: Financial institutions must report any suspicious activity to the financial intelligence unit (FIU) or other relevant authorities.

Conclusion

Guyana has made significant strides in its efforts to combat money laundering and terrorism financing. The country’s AML policies and procedures are designed to ensure that all financial institutions operating within its borders are subject to rigorous anti-money laundering requirements, and that any suspicious activity is reported promptly to the authorities.