Financial Crime World

Financial Crime Prevention Strategies in Guyana Intensified

Georgetown, Guyana - The government of Guyana has stepped up its efforts to combat financial crimes with a renewed focus on implementing an aggressive approach to advance the country’s Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Proliferation Financing (PF) regime.

A New Era in Financial Crime Prevention

The government recognizes that combating financial crimes cannot be done in isolation. Therefore, it is implementing a policy that outlines strategic measures to prevent these crimes and guide the implementation of an aggressive approach. The policy also emphasizes continuous engagement with the private sector to facilitate cooperation and partnerships between government and industry.

Key Components of the Policy

  • Establishment of an AML/CFT/PF National Coordination Committee (NCC) to oversee the implementation of the national strategy and coordinate Guyana’s participation in international efforts against financial crimes.
  • Ensure effective mechanisms are in place to facilitate cooperation and coordination among policymakers and key AML/CFT stakeholders.
  • Emphasize increased coordination and cooperation among competent authorities, with sanctions attached for failure to produce information in a timely manner.

Eight Strategic Priorities

To achieve its objectives, the government has outlined eight strategic priorities, all aligned with international standards:

  • Ensure policy coordination to mitigate money laundering and terrorist financing risks
  • Strengthen the capacity of the AML/CFT/PF legislative framework
  • Enhance the Financial Intelligence Unit’s capabilities
  • Increase cooperation and coordination among domestic competent authorities
  • Enhance regional and international cooperation
  • Ensure adequate, accurate, and up-to-date information on beneficial ownership and control of legal persons and arrangements to prevent abuse by criminals or terrorists

International Recognition and Impact

Guyana’s efforts to combat financial crimes have received international recognition, with improved rankings in reports such as:

  • United States’ Department of State International Narcotics Control Strategy Report (INCSR)
  • Transparency International’s Corruption Index
  • European Union’s Blacklist on taxation (removed)

The government’s renewed focus on financial crime prevention is expected to have a significant impact on the country’s economy and reputation, and will help ensure that Guyana remains a stable and attractive destination for investment.