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Unreported Foreign Currency Worth $10,000 or More Now Subject to Declaration in Guyana
New regulations aim to curb money laundering; offenders face heavy fines and imprisonment
Georgetown, Guyana - In a move aimed at curbing money laundering activities, the Government of Guyana has introduced new regulations requiring individuals to declare foreign currency worth $10,000 or more when exiting the country.
Requirements for Declaration
According to Section 4 of the Money Laundering Prevention Act, any person who intends to leave Guyana and is in possession of foreign currency exceeding $10,000 must declare such currency at a designated port of entry or exit. Failure to do so will attract severe penalties, including fines and imprisonment.
Penalties for Non-Compliance
Individuals who fail to declare foreign currency exceeding $10,000 will be guilty of an offence and may be fined up to $50 million or imprisoned for up to five years.
Additional Measures
In addition to the declaration requirement, the Act also provides for the freezing, seizure, and forfeiture of property, proceeds, and instrumentalities connected to money laundering offences. The court or competent authority may take such measures upon application by the Financial Intelligence Unit or the Attorney-General.
Reception from Financial Institutions and Anti-Corruption Advocates
The regulations have been widely welcomed by financial institutions and anti-corruption advocates, who see them as a crucial step in the fight against money laundering and related crimes.
Quotes
“The introduction of these regulations is a major victory for our country’s efforts to combat money laundering,” said [insert name], Director of the Financial Intelligence Unit. “We urge all individuals to comply with the new requirements and support our efforts to keep Guyana’s financial system clean.”
Background Information
The Money Laundering Prevention Act was enacted in [insert year] to prevent and detect money laundering activities, as well as to provide for the confiscation and forfeiture of property, proceeds, and instrumentalities connected to such activities. The Act also provides for international cooperation in the fight against money laundering.
Sources:
- Section 4 of the Money Laundering Prevention Act
- Financial Intelligence Unit (FIU)
- Attorney-General’s Office