Financial Crime World

Guyana’s Anti-Money Laundering and Countering the Financing of Terrorism Act: A Key Measure in Combating Financial Crimes

Introduction

In 2009, Guyana passed the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act Chapter 10:11 to combat money laundering and terrorist financing. This legislation replaced the Money Laundering (Prevention) Act 2000 and aimed to identify and prosecute criminal offenses related to these crimes.

Key Provisions

  • The AML/CFT Act establishes and manages the Financial Intelligence Unit, enabling effective tracing, freezing, seizure, and forfeiture of proceeds from serious crimes.
  • The legislation grants comprehensive powers to prosecutors in tackling financial crimes, including:
    • Forfeiture of criminal assets
    • Forfeiture of terrorist property
  • Reporting entities are required to take preventive measures against money laundering and terrorist financing.

Amendments and Updates

  • The AML/CFT Act has undergone several amendments since its enactment, incorporating international best practices and recommendations from:
    • Financial Action Task Force (FATF)
    • Caribbean Financial Action Task Force (CFATF)
  • Key changes have strengthened Guyana’s anti-money laundering and countering the financing of terrorism regime.
  • The most recent amendments introduced targeted financial sanctions against proliferation financing and established a National Coordination Committee to oversee AML/CFT efforts in Guyana.

Supervisory Authority

  • The Guyana Gold Board has been designated as the Supervisory Authority for Licensed Gold Dealers, who are now required to adhere to anti-money laundering regulations under the AML/CFT Act.
  • This move reflects Guyana’s commitment to implementing robust measures against financial crimes and ensuring its compliance with international standards.

Conclusion

Guyana’s AML/CFT Act is a key measure in combating financial crimes, providing a comprehensive framework for preventing money laundering and terrorist financing. The legislation has undergone significant updates and amendments to strengthen the country’s anti-money laundering and countering the financing of terrorism regime, ensuring its compliance with international standards.