Financial Crime World

Financial Intelligence Unit of Guyana Imposes Prohibition on Dealing with Listed Persons or Entities

Background

The Financial Intelligence Unit (FIU) of Guyana has imposed a prohibition on dealing directly or indirectly with any funds or assets of listed persons or entities in order to prevent the laundering of money and financing of terrorism.

Prohibition Details

According to Section 9(4) of the Anti-Money Laundering and Combating the Financing of Terrorism Act, 2009, as amended, the FIU has prohibited reporting entities from knowingly engaging in transactions with listed persons or entities. This prohibition includes:

  • Dealing directly or indirectly with funds or assets of listed persons or entities
  • Entering into or facilitating any transaction related to a listed person or entity
  • Providing financial or other services in respect of funds or assets of listed persons or entities
  • Making property or financial services available for the benefit of listed persons or entities

Reporting Entities’ Obligations

The FIU has instructed reporting entities to immediately inform it if they establish that a customer is a listed person or entity.

Core Functions of the Financial Intelligence Unit

The FIU plays a central role in Guyana’s anti-money laundering and combating the financing of terrorism (AML/CFT) operational network, providing support to other competent authorities. The unit’s core functions include:

  • Requesting, receiving, analyzing, and disseminating intelligence reports based on suspicious transactions
  • Maintaining statistics and records
  • Issuing guidelines to reporting entities
  • Providing advice to the Minister of Finance on matters relating to money laundering or terrorism financing

Supervisory Authorities

Supervisory authorities are designated competent authorities responsible for ensuring compliance by reporting entities with the requirements of the AML/CFT legislation. These authorities include:

  • Governor, Bank of Guyana (Commercial Banks, Money Transfer Agencies, Cambios, Insurance Companies and Brokers, Non-Bank Financial Institutions)
  • Guyana Securities Council (Securities Companies and Brokers)
  • Guyana Gold Board (Dealers in Precious Metals)
  • Guyana Geology & Mines Commission (Dealers in Precious and Semi-Precious Stones)
  • Guyana Revenue Authority (Pawnbrokers, Used Car Dealers, Real Estate Agents)
  • Gaming Authority (Casinos, Lotteries, Betting Shops)
  • Departments of Cooperative & Friendly Societies (Cooperatives including Credit Unions, Registered Charities)

Key Obligations of Supervisory Authorities

To ensure compliance by reporting entities with their obligations under the AML/CFT legislation, supervisory authorities have powers and responsibilities to:

  • Examine and supervise reporting entities
  • Regulate and oversee effective compliance with AML/CFT legislation and other preventive measures
  • Issue instructions, guidelines, or recommendations and provide training to reporting entities on their obligations and requirements under the AML/CFT legislation
  • Ensure that reporting entities update their AML/CFT Compliance Program in keeping with any amendments to the AML/CFT legislation

The FIU’s core function is supported by cooperation and collaboration with reporting entities, supervisory authorities, and other competent authorities to gather intelligence.