Financial Crime World

Guyana Makes Notable Strides in Anti-Money Laundering and Countering the Financing of Terrorism

Guyana has made significant progress in its Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regime, with 88% of its legislative framework found to be compliant by the Caribbean Financial Action Task Force (CFATF).

Progress Achieved

According to President Dr. Mohamed Irfaan Ali, approximately 12% of Guyana’s legislative requirements were partially compliant and are currently being addressed through measures such as:

  • Drafting new bills related to companies, trusts, and the management of depreciating confiscated assets
  • Strengthening supervision and oversight of designated non-financial businesses or professions and non-bank financial institutions

The president attributed this progress to the government’s novel collaborative process with stakeholders from the public and private sector in areas of finance, natural resources, beneficial ownership, and law enforcement.

Addressing Deficiencies

Under the previous administration, Guyana faced a disadvantage for two years (2018-2019) due to minimal tangible action taken. However, upon taking office, the PPP/C government identified key deficiencies that needed addressing, including:

  • Lack of human and financial resources for the Special Organised Crime Unit
  • Insufficient subversive oversight for accountants
  • Legislative gaps in areas like confiscation and targeted financial sanctions

To address these issues, the government implemented policies to increase transparency, accountability, and enforceability, building a stronger system overall.

Milestones Achieved

Guyana has made significant progress in:

  • Completing its national risk assessment in 2021, providing an updated view of its framework
  • Developing an action plan towards targeting resources to combat and prevent money laundering and terrorist financing
  • Joining the prestigious Egmont Group, the International Association of Financial Intelligence Units, enhancing its ability to tackle these challenges through improved collaboration

Legislative Interventions

The government has made legislative interventions to strengthen Guyana’s AML/CFT regime, including:

  • Passing the Guyana Compliance Commission Act in 2023, providing essential supervisory oversight for designated non-financial businesses or professions and non-bank financial institutions
  • Establishing a code of conduct for real estate agents and brokers through the Real Estate Agents and Brokers Bill
  • Making robust amendments to the Anti-Money Laundering and Countering the Financing of Terrorism Act of 2009

Enforcement Efforts

The government has also seen significant action on the enforcement side, including:

  • Cash seizures by GRA
  • Seizure of gold by Customs Authority and Guyana Police Force
  • Seizure and restraint of vehicles by CANU and SOCU
  • Seizure and restraint of other instrumentalities such as aircraft and marine assets

These monumental strides received technical support from the International Financing Agency, the National Centre for State Courts, the Caribbean Financial Action Task Force, and the Regional Security System Asset Recovery Unit.

President’s Commendation

President Dr. Mohamed Irfaan Ali praised the efforts of stakeholders, saying:

“These results are not accidental at all. They’re based on strong work and commitment, and I’m very pleased with the commitment and work in achieving this result.”

The president’s statement highlights the importance of collaborative efforts between government, private sector, and law enforcement agencies in combating money laundering and terrorist financing.