Financial Crime World

Guyana Intensifies Fight Against Money Laundering and Terrorist Financing

Strengthening Financial Sanctions to Combat Illicit Activities

The Financial Intelligence Unit (FIU) of Guyana has introduced a series of targeted financial sanctions aimed at combating money laundering and terrorist financing. These sanctions, which came into effect on [date], prohibit individuals and entities from dealing with assets or providing financial services to listed persons or entities.

Key Provisions of the Sanctions

  • Freezing of assets: The sanctions prohibit individuals and entities from dealing with assets or making them available for the benefit of listed persons or entities.
  • Prohibition of transactions: Transactions related to listed persons or entities are also prohibited under the sanctions.
  • Identification of listed persons and entities: The FIU has identified several categories of individuals and entities subject to the sanctions, including those designated by the United Nations Security Council (UNSC) resolutions 1373, 1718, and 2231.

Obligations for Reporting Entities

Reporting entities, including commercial banks, securities companies, insurance companies, and other financial institutions, have several key obligations:

  • Prohibition from dealing with listed persons or entities: Reporting entities are prohibited from providing financial services to listed persons or entities.
  • Immediate reporting: If a customer is identified as a listed person or entity, reporting entities must immediately inform the FIU.

Supervisory Authorities

Supervisory authorities have been designated to ensure compliance by reporting entities with the requirements of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) legislation. These authorities include:

  • Governor of the Bank of Guyana
  • Guyana Securities Council
  • Guyana Gold Board
  • Other relevant authorities

Role of the Financial Intelligence Unit

The FIU plays a central role in Guyana’s AML/CFT operational network, providing support to other competent authorities such as the Special Organised Crime Unit (SOCU), Guyana Revenue Authority (GRA), and the Land, Deeds and Commercial Registries. The unit is responsible for:

  • Requesting and receiving intelligence reports
  • Analyzing and disseminating suspicious transaction information
  • Conducting research into trends and developments to improve ways of detecting, preventing, and deterring money laundering and terrorist financing

Implementation and Impact

The implementation of these sanctions is a significant step forward in Guyana’s efforts to combat money laundering and terrorist financing. It demonstrates the country’s commitment to international cooperation and best practices in this area.

By strengthening its financial sanctions and AML/CFT regime, Guyana is better equipped to prevent and detect illicit activities, protect its financial system, and maintain public trust.