Financial Crime World

Financial Crime Trends in Guyana: A Look Ahead to 2023

As Guyana prepares for another year, experts are warning of increased financial crime threats. In this article, we’ll take a closer look at the trends that will shape the country’s financial landscape in 2023.

The Current State of Financial Crime in Guyana

According to recent reports, Benin has made significant progress in implementing the Financial Action Task Force (FATF) Recommendations, with ratings ranging from “compliant” to “partially compliant”. While Guyana has also taken steps to combat financial crime, there are still areas of concern that require attention.

Technical Compliance

In terms of technical compliance, Guyana’s rating is largely compliant on several fronts, including:

  • Assessing risk and applying a risk-based approach (R.1)
  • National cooperation and coordination (R.2)
  • Targeted financial sanctions related to terrorism and terrorist financing (R.6)

However, there are areas where improvement is needed, such as:

  • Confiscation and provisional measures (R.4)
  • Transparency and beneficial ownership of legal persons (R.24)

Progress in Regulating Financial Institutions

One area that has seen significant progress is the regulation and supervision of financial institutions (R.26), with Guyana’s rating moving from “non-compliant” to “partially compliant”. Additionally, the country has made strides in implementing measures to prevent money laundering and terrorist financing, including:

  • Customer due diligence (R.10)
  • Record keeping (R.11)

Challenges Ahead

However, there are still challenges ahead for Guyana’s financial sector. The country’s rating on correspondent banking (R.13) remains “partially compliant”, while its rating on new technologies (R.15) is still “non-compliant”. Additionally, there are concerns about the transparency and beneficial ownership of legal arrangements (R.25), which remain an area of concern.

Looking Ahead

As Guyana looks to the future, it’s clear that financial crime will be a major challenge. The country must continue to implement effective measures to prevent money laundering and terrorist financing, while also addressing areas where improvement is needed. With increased cooperation and coordination, Guyana can ensure a safer and more secure financial landscape for its citizens.

Stay Tuned

Stay tuned for further updates on financial crime trends in Guyana as the year unfolds.