Financial Crime World

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Guyana Cracks Down on Money Laundering: New Regulations Introduced

Strengthening Anti-Money Laundering Efforts

Georgetown, Guyana - The Government of Guyana has introduced new regulations to combat money laundering and terrorist financing. These measures aim to prevent the illegal use of foreign currencies and strengthen the country’s anti-money laundering efforts.

Key Changes

  • Effective immediately, individuals taking out more than $10,000 in foreign currency from Guyana without declaring it to the Commissioner General will be guilty of an offence.
    • Penalty for non-compliance: fine up to $200,000 and imprisonment for up to five years
  • Stricter measures for freezing, seizing, and forfeiture of assets linked to money laundering offences:
    • Property, proceeds, and instrumentalities acquired or obtained as a result of criminal activity will be subject to these measures
  • Courts will have the power to order individuals convicted of money laundering offences to provide information about their legitimate sources of income

Protecting Rights of Bona Fide Third Parties

The regulations also aim to protect the rights of bona fide third parties who may claim an interest in assets seized or frozen. The court or competent authority will consider factors such as:

  • Whether the claimant had a legitimate legal interest in the asset
  • Was not involved in the money laundering offence
  • Did not acquire the asset from someone who was aware that it was obtained illegally

International Cooperation

International cooperation is also key to Guyana’s anti-money laundering efforts. The country has committed to working with other states to:

  • Identify, trace, freeze, seize, or forfeit assets connected to money laundering offences

Compliance with International Standards

The new regulations are part of Guyana’s ongoing efforts to comply with international standards for combating money laundering and terrorist financing. The country is a member of various regional and international bodies, including the Caribbean Financial Action Task Force (CFATF) and the Financial Action Task Force (FATF).

Effective Date and Enforcement

The regulations come into effect on [insert date] and will be enforced by the Commissioner General and other relevant authorities.

Contact Information

For more information about Guyana’s anti-money laundering efforts or to report suspected money laundering activities, please contact:

  • Commissioner General
  • Ministry of Finance

Email: [insert email] Phone: [insert phone number]

Website: [insert website]