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Guyana Tackles Money Laundering and Terrorist Financing with Strengthened Regulations

In 2009, Guyana enacted the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act Chapter 10:11 to combat money laundering and terrorist financing. This legislation supersedes the Money Laundering (Prevention) Act 2000 and identifies these criminal activities as serious offenses.

Key Provisions

  • Establishes the Financial Intelligence Unit (FIU), responsible for tracing, freezing, seizing, and forfeiting unlawful proceeds from serious offenses.
  • Grants comprehensive powers to prosecute money laundering, terrorist financing, and other financial crimes.
  • Makes provisions for the forfeiture of crime proceeds and terrorist property.

Reporting Requirements

  • Requires reporting entities to take preventive measures to combat money laundering and terrorist financing.

Updates and Amendments

The Guyana government has amended the AML/CFT Act several times since its inception. Key updates include:

  • Inclusion of targeted financial sanctions against proliferation financing.
  • Establishment of a national co-ordination committee to oversee anti-money laundering efforts.

International Alignment

These legislative measures reflect international best practices, aligning with the forty Recommendations of the Financial Action Task Force (FATF) on money laundering and terrorist financing. The AML/CFT Act has also been informed by the nineteen Recommendations of the Caribbean Financial Action Task Force (CFATF).

Supervision and Regulation

The Guyana Gold Board is responsible for supervising licensed gold dealers who have been designated as reporting entities under the AML/CFT Act.

Conclusion

These strengthened regulations aim to ensure that Guyana’s financial system remains robust and resilient in the face of emerging threats.