Financial Crime World

Guyana Establishes Strong Regulatory Bodies to Tackle Financial Crimes

In an effort to combat financial crimes, Guyana has established a robust regulatory framework comprising several supervisory authorities and reporting entities. These bodies are responsible for ensuring the country’s financial system is secure and free from illicit activities.

Overview of Regulatory Bodies

  • Bank of Guyana: Oversees commercial banks, money transfer agencies, cambios, insurance companies and brokers, and non-bank financial institutions.
  • Guyana Securities Council: Regulates securities dealers and brokers, underwriters, and advisers.
  • Guyana Gold Board: Monitors dealers in precious metals.
  • Guyana Geology & Mines Commission: Regulates dealers in precious and semi-precious stones.
  • Guyana Revenue Authority: Keeps a watchful eye on pawnbrokers, used car dealers, real estate agents, and other entities.
  • Gaming Authority: Regulates casinos, lotteries, and betting shops.
  • Registrar of Friendly Societies: Oversees friendly societies.
  • Chief Co-operative Development Officer: Regulates cooperatives, including credit unions.

Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Regulations

  • These supervisory authorities work closely together to ensure all reporting entities are in compliance with AML/CFT regulations.
  • The Special Organized Crime Unit (SOCU) investigates money laundering, terrorist financing, and other financial crimes.

Role of Director of Public Prosecutions (DPP)

  • The DPP is responsible for instituting and undertaking all criminal prosecutions against individuals or entities suspected of committing financial crimes.
  • Works closely with SOCU to gather evidence and build cases against those suspected of money laundering and terrorist financing.

Conclusion

Guyana’s robust regulatory framework and strong law enforcement agencies demonstrate the country’s commitment to combating financial crimes and protecting its citizens from illicit activities. By working together, these bodies aim to create a secure and stable financial system that benefits all Guyanese.