Financial Crime World

Guyana Intensifies Fight Against Money Laundering and Terrorism Financing with Stringent Legislation

Guyana has taken a proactive approach in strengthening its anti-money laundering (AML) and combating the financing of terrorism (CFT) regime, implementing a slew of laws and regulations to prevent the misuse of its financial system.

Key Legislation

  • The Real Estate Agents and Brokers Act 13 of 2023 requires real estate agents and brokers to:
    • Report suspicious transactions
    • Maintain records of all transactions above a certain threshold
  • The act also empowers the Guyana Compliance Commission to monitor and regulate the sector

Amendments to Anti-Money Laundering and Countering the Financing of Terrorism Act

  • The Act has been amended several times to bring it in line with international standards
  • The most recent amendment was made through Act No. 15 of 2023, introducing new provisions aimed at enhancing Guyana’s AML/CFT regime

Regulations Implemented by Guyana Compliance Commission

  • AMLCFT (Amendment) Regulations No. 10 of 2023 updated the reporting requirements for financial institutions and designated non-financial businesses and professions
  • Other regulations have been issued to implement the AML/CFT laws, ensuring compliance with international standards

Stricter Penalties for Non-Compliance

  • Individuals and entities found guilty of money laundering and terrorist financing can face severe penalties, including:
    • Fines
    • Imprisonment

International Recognition and Impact

  • Guyana’s efforts to strengthen its AML/CFT regime have been welcomed by international organizations and financial institutions
  • The country’s commitment to combating money laundering and terrorist financing has improved its global reputation and attracted foreign investment

In conclusion, Guyana’s legislative framework for combating money laundering and terrorist financing is robust and increasingly stringent. The country’s authorities are working tirelessly to implement international standards and best practices, and their efforts have been recognized by the international community.