Guyana Takes Aggressive Stance Against Financial Crimes, Eyes International Recognition
As part of its ongoing efforts to combat financial crimes, Guyana’s government is taking a bold step by intensifying its fight against money laundering, terrorism financing, and proliferation financing.
Strengthening Anti-Money Laundering Regime
The country is seeking to strengthen its anti-money laundering, countering the financing of terrorism, and proliferation financing (AML/CFT/PF) regime. This move aims to guide the implementation of strategic measures to combat these financial crimes. The National Policy and Strategy for Combating Money Laundering, Terrorism Financing, and the Financing of Proliferation outlines continuous engagements with the private sector as a key part of this approach.
Establishing National Coordination Committee
To oversee and coordinate the implementation of the national strategy, a National Coordination Committee (NCC) will be established. The committee will ensure effective mechanisms for cooperation and coordination among policymakers and key stakeholders. Additionally, it will facilitate Guyana’s participation in international efforts against financial crimes.
Enhanced Coordination and Cooperation
The policy emphasizes increased coordination and cooperation among competent authorities. Sanctions will be imposed on those who fail to provide information in a timely manner. Memoranda of understanding will also be signed among authorities for information sharing to facilitate analysis and investigation of these crimes.
Strategic Objectives
Eight strategic objectives have been outlined to enhance Guyana’s AML/CFT/PF regime, including:
- Ensuring policy coordination
- Strengthening legislative frameworks
- Enhancing supervision and investigation capabilities
- Increasing cooperation and coordination among domestic and international authorities
- Ensuring adequate information on beneficial ownership and control
International Recognition
Guyana’s efforts to combat financial crimes have received international recognition. The country has improved rankings in reports such as the United States’ Department of State International Narcotics Control Strategy Report (INCSR) and the Transparency International Corruption Index. Additionally, Guyana has been removed from the European Union’s Blacklist on Taxation.
This aggressive stance against financial crimes demonstrates Guyana’s commitment to combating money laundering, terrorism financing, and proliferation financing. The country is taking a proactive approach to strengthen its anti-money laundering regime and increase international cooperation to combat these serious financial crimes.