Financial Crime World

Guyana Gazettes Anti-Money Laundering Regulations for 2023

The Government of Guyana has taken a significant step towards strengthening the integrity of its financial sector by gazetting the Anti Money Laundering and Countering the Financing of Terrorism (Amendment) Act 15 of 2023. This amendment aims to enhance the country’s ability to detect, prevent, and prosecute money laundering and terrorist financing activities.

Key Objectives

  • Enhance cooperation between financial institutions, law enforcement agencies, and regulatory bodies in the fight against financial crimes
  • Improve detection, prevention, and prosecution of money laundering and terrorist financing activities
  • Strengthen Guyana’s anti-money laundering regime to meet international standards

Implementation and Oversight

The Anti Money Laundering and Countering the Financing of Terrorism (Amendment) Act 15 of 2023 was laid before parliament on August 16, 2023, and is now available for public scrutiny. The document can be accessed online at a size of approximately 3.78 MB.

The government has established parliamentary committees to oversee the implementation of the new regulations and ensure compliance with international standards. These committees will be responsible for:

  • Monitoring the activities of financial institutions
  • Reviewing suspicious transactions
  • Investigating potential money laundering cases

International Cooperation

Guyana’s efforts to strengthen anti-money laundering regulations come ahead of its participation in various international financial forums, including the Caribbean Financial Action Task Force (CFATF) and the Financial Action Task Force (FATF). The country is expected to implement several recommendations from these organizations aimed at improving its anti-money laundering regime.

Implications

The gazetting of the Anti Money Laundering and Countering the Financing of Terrorism (Amendment) Act 15 of 2023 marks a significant step towards strengthening Guyana’s financial sector and protecting the integrity of its economy. The new regulations are expected to have far-reaching implications for businesses operating in the country and individuals involved in financial transactions.

By implementing these measures, Guyana demonstrates its commitment to combating illicit activities and maintaining a strong and stable financial system.