Here is the converted article in markdown format:

Money Laundering: Guyana Moves to Freeze and Forfeit Illegally Acquired Assets

Georgetown, Guyana - The Guyanese government has taken a significant step in the fight against money laundering by introducing new measures to freeze and forfeit illegally acquired assets.

Freezing of Assets

According to Section 19 of the Money Laundering Prevention Act, the competent authority can apply to a Judge of the High Court for an order freezing the property of a person charged or about to be charged with a money laundering offence. The court may also give directions on how to dispose of the property, including determining ownership disputes and ensuring the reasonable subsistence of the individual and their family.

The freezing of assets can only last for 48 hours if the individual is not charged with a money laundering offence within that time frame.

Forfeiture of Assets

Section 20 states that when a person is convicted of a money laundering offence, the court must order that any property, proceeds or instrumentalities derived from or connected to the offence be forfeited and disposed of in accordance with regulations made under the Act. The Minister may direct how the property should be disposed of, and public announcements will be made about the directions given.

The court can also order the forfeiture of other property of the individual for an equivalent value or fine if some or all of the original property cannot be forfeited.
To determine whether property is derived from a money laundering offence, the court must apply the standard of proof required in civil proceedings. The court may also give directions to resolve disputes over ownership and can infer that property was obtained through illegal means if there is evidence that its value increased significantly after the alleged commission of the offence.

Protection of Third Parties

The law ensures that third parties with a legitimate legal interest in frozen assets are protected.

Proper notifications will be made to allow these individuals to appear before the court and claim their rights.
The court or competent authority may infer lack of good faith on the part of a third party if there is objective evidence of collusion or involvement in money laundering.

International Cooperation

Guyana has also committed to cooperating with other countries in the fight against money laundering, as outlined in Section 23 of the Act.

The court or competent authority can provide assistance and receive requests from foreign authorities to identify, trace, freeze, seize or forfeit property connected to money laundering offences.
These measures are aimed at disrupting the activities of money launderers and recovering illegally acquired assets for the benefit of Guyana’s economy and society.