Financial Crime World

Financial Intelligence Unit Issues Notice of Updates to Consolidated List

The Financial Intelligence Unit (FIU) has issued a notice informing reporting entities of updates to the Consolidated List, which is a list of individuals and entities targeted by financial sanctions.

What is the Consolidated List?

The Consolidated List is updated whenever there are new listings, deletions, changes, or other significant changes to financial sanctions. The FIU issues an email notification at the same time as the publication of financial sanctions notices and when the list is updated.

Implementing Changes

Reporting entities are advised to implement changes to the list as soon as practical. The notice explains that changes to individuals and entities subject to financial sanctions are usually announced in notices issued by the FIU, which specify when the changes become legally effective.

In related news, the FIU has also made available on its website Orders issued under Section 2(2) of the Anti-Money Laundering and Countering the Financing of Terrorism (AMLCFT) Act 2009. Reporting entities are notified by the FIU whenever there are new Orders/Specifications, revocations, or other significant changes to the status of a specified person or entity.

Reporting Requirements

The reporting requirements for reporting entities under the financial sanctions regime are covered specifically in the Anti-Money Laundering and Countering the Financing of Terrorism Regulations No. 4 of 2015. According to these regulations, reporting entities must inform the FIU immediately if they know or have reasonable grounds to believe that a designated or specified person or entity has funds or other assets in Guyana.

Penalties for Non-Compliance

The Financial Intelligence Unit has also issued guidelines on penalties for committing an offence under the financial sanctions regime. Any person guilty of an offence under Section 68A(11) of the Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Act 2015 shall be liable to a fine or imprisonment.

Glossary of Definitions

The FIU has also provided a glossary of definitions for terms used in the financial sanctions regime, including:

  • Authorization: [definition]
  • Designated person or entity: [definition]
  • Funds or other assets: [definition]
  • Specified person or entity: [definition]

Please note that these definitions do not constitute legal advice and are intended to provide general guidance only.