Financial Crime World

Guyana Enhances Efforts to Combat Financing of Terrorism

The Government of Guyana has announced a five-point strategy to combat the financing of terrorism (PF), aimed at disrupting and preventing funds from reaching the hands of terrorists and terrorist entities.

Strategy Overview

The strategy is complementary to Guyana’s counter-terrorism strategy and involves:

  • Ensuring a continued good understanding of PF threats and vulnerabilities
  • Formulating necessary frameworks
  • Implementing robust anti-money laundering and combating the financing of terrorism (AML/CFT) regulatory regimes
  • Relying on an efficient law enforcement infrastructure
  • Establishing strong working relationships with international counterparts

“We recognize the importance of continuing such collaboration and will continue to prioritize strengthening cooperation amongst domestic competent authorities as well as stakeholders in the private sector,” said a government spokesperson.

Importance of Financial Intelligence

The strategy also emphasizes the importance of financial intelligence in detecting and investigating criminal activities, including PF. Guyana’s Financial Intelligence Unit (FIU) is responsible for receiving and analyzing Suspicious Transaction Reports (STRs), and works closely with industry partners to improve the quality of PF-related STRs filed by reporting entities.

International Cooperation

Guyana has established a range of international cooperation mechanisms to achieve its law enforcement objectives, including:

  • Bilateral and multilateral partnerships
  • Structured international and regional platforms such as INTERPOL, CARICOM IMPACS, the Egmont Group, ARIN-CARIB, and the Regional Security System
  • Providing assistance to other jurisdictions through formal and informal channels
  • Seeking assistance from other jurisdictions
  • Participating in relevant international and regional platforms

Guyana is also a member of several organizations, including:

  • Organization of American States (OAS)
  • United Nations Office on Drugs and Crime (UNODC)
  • Caribbean Financial Action Task Force (CFATF)

Future Plans

Looking ahead, Guyana plans to:

  • Increase efforts in providing and seeking assistance in criminal matters
  • Continue to leverage informal channels of cooperation to proactively tackle TF flows
  • Participate in international and regional platforms to maintain a robust understanding of PF risks

“We will not let up in our efforts to counter the financing of terrorism,” said the government spokesperson. “We are committed to taking firm and resolute action against PF to keep our country, region, and the world safe.”