Financial Crime World

Financial Crime Enforcement Agencies in Guyana Step Up Efforts to Combat Money Laundering and Terror Financing

In an effort to enhance its financial crime enforcement capabilities, Guyana has established a robust agency responsible for handling suspicious transaction reports and other information related to money laundering, terrorist financing, or proceeds of crime. The Financial Intelligence Unit (FIU) was set up under the Anti-Money Laundering and Countering the Financing of Terrorism Act (AMLCFT) of 2009.

Powers and Responsibilities

The FIU has been granted significant powers to request and receive information from various sources, including:

  • Reporting entities
  • Supervisory agencies
  • Law enforcement agencies
  • Competent authorities in Guyana or elsewhere

This includes licensed financial institutions and a wide range of designated business and professional entities that are obligated to report suspicious transactions to the FIU.

Protection for Reporting Entities

The Act overrides secrecy laws, providing protection for reporting entities by ensuring that:

  • No civil or criminal liability action can be brought against them
  • No professional sanction can be taken for breach of any restriction on disclosure

This means that individuals and agents of reporting entities who act in good faith to transmit information or submit reports to the FIU cannot be held liable.

International Cooperation

The FIU works closely with national and international intelligence and law enforcement agencies to ensure Guyana has a comprehensive anti-money laundering system. Its partnership with these agencies enables the sharing of vital information and expertise, allowing for more effective enforcement of financial crimes.

Building Trust with Reporting Entities

As part of its efforts, the FIU is working to build trust with reporting entities, ensuring they feel comfortable submitting suspicious transaction reports without fear of retribution. This cooperation is crucial in combating money laundering and terrorist financing, which can have devastating effects on economies and societies.

Conclusion

Guyana’s commitment to strengthening its financial crime enforcement agencies is a positive step towards creating a safer and more secure financial system for all stakeholders.