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Guyana Introduces Stricter Anti-Money Laundering Regulations in 2023
In a move aimed at cracking down on financial crimes, the Government of Guyana has gazetted the Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Act 2023. The new legislation is designed to strengthen the country’s anti-money laundering regime and bring it in line with international standards.
Key Provisions of the Act
The amendments aim to enhance the effectiveness of Guyana’s anti-money laundering and combating the financing of terrorism (AML/CFT) system. Some of the key changes introduced by the Act include:
- Expansion of “designated persons”: The definition now includes virtual currency exchange providers, e-money issuers, and other entities that deal with high-risk customers.
- Regular risk assessments: Financial institutions must conduct regular risk assessments and implement measures to mitigate identified risks.
- Customer due diligence: Financial institutions will be required to verify beneficial ownership information and report suspicious transactions.
- Transaction record-keeping: Financial institutions must maintain records of all transactions for a minimum period of five years.
Rationale Behind the Amendments
The Government has stressed that the amendments are necessary to protect Guyana’s financial system from abuse by criminals and terrorists. The Minister of Finance, who introduced the Bill in Parliament, noted that the new regulations will help to enhance transparency and accountability in the country’s financial sector.
Effective Date and Public Awareness Campaigns
The Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Act 2023 is set to come into effect on a date to be specified by the Minister of Finance. The Government has announced plans to conduct public awareness campaigns to educate citizens about their obligations under the new regulations.
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