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Enhancing Legal Structures and Requirements for Basic and Beneficial Ownership Transparency in Guyana

A review of the laws and regulations in Guyana has identified potential legal and regulatory gaps, highlighting the need to strengthen and remedy existing structures. The Financial Intelligence Unit (FIU) and other stakeholders have collaborated to conduct a comprehensive risk assessment on money laundering and terrorist financing.

Determining the Scope of Assessment

The scope of the exercise involved reviewing all regulated businesses and activities within Guyana’s Anti-Money Laundering/Combating the Financing of Terrorism/Cash Transaction Reporting (AML/CFT/CPF) framework. A sample size of 1 in every 5 reporting entities was selected, with all supervisory authorities completing questionnaires tailored to their functions.

Questionnaire Categories

The questionnaires were designed around eight categories:

  • Basic information and governing laws
  • Scale of sector
  • General requirements for creation and formation of legal persons and arrangements
  • General supervision of legal persons/arrangements
  • Attractiveness of doing business
  • Access to basic and beneficial ownership information for legal persons and arrangements
  • Quality of basic and beneficial ownership information for legal persons and arrangements
  • Trends and typologies

Notification, Delivery Mechanism, and Timeframe

Stakeholders were notified electronically, with a secured link provided to complete the questionnaires. Timelines were also established for each questionnaire, ensuring sufficient data collection.

Follow-up and Feedback

An open channel of communication was maintained between the working group and participants, facilitating timely submission of most questionnaires. Although some supervisory authorities faced challenges, late submissions did not significantly impact the overall timeline.

One-on-One Interviews

In-Depth interviews were conducted with relevant stakeholders to understand threats, entity risks, and national vulnerabilities.

Working Paper and Information Sources

Working papers were developed using information submitted by stakeholders, including:

  • FIU
  • Law enforcement authority
  • Deed and commercial registry
  • Registrar of friendly societies
  • Commissioners of cooperatives
  • Supervisory authorities

The assessment aimed to strengthen Guyana’s legal structures and requirements for basic and beneficial ownership transparency, enhancing the country’s ability to combat money laundering and terrorist financing. The findings will inform policy reforms and regulatory improvements to mitigate risks and promote a more transparent business environment.