Financial Crime World

GUYANA TIGHTENS THE NOOSE ON PROLIFERATION FINANCING

Georgetown, Guyana - In a bid to combat the proliferation of nuclear, chemical, and biological weapons, Guyana has strengthened its laws to tackle financing for such activities.

Strengthened Laws Against Proliferation Financing

According to section 68E(12) of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Act 2009 as amended, individuals who engage in proliferation financing can face a fine of up to $100 million or imprisonment for seven years. Corporations found guilty of the offense can be fined up to $200 million.

Targeted Financial Sanctions

The AML/CFT legislation also establishes targeted financial sanctions aimed at preventing funds and assets from being made available to listed persons or entities involved in terrorism, terrorist financing, and proliferation.

  • Listed persons or entities are prohibited from dealing directly or indirectly with funds or assets of a listed person or entity.
  • Individuals are prohibited from entering into transactions related to such individuals, providing financial services to them, or making property or services available for their benefit.

Role of the Financial Intelligence Unit (FIU)

The FIU plays a crucial role in Guyana’s AML/CFT operational network, providing support to other competent authorities. The unit is responsible for:

  • Requesting, receiving, analyzing, and disseminating information on suspicious transactions and other reports submitted by reporting entities and other authorities.
  • Providing support to other competent authorities.

Supervisory Authorities

Supervisory authorities, including the Governor of the Bank of Guyana, the Guyana Securities Council, and the Guyana Revenue Authority, have been designated to ensure compliance by reporting entities with the AML/CFT legislation. These authorities have powers to:

  • Examine and supervise reporting entities.
  • Issue guidelines and training.
  • Enter into business premises to inspect documents or observe operations.

Cooperation and Collaboration

The FIU’s core function is supported by cooperation and collaboration with:

  • Reporting entities
  • Supervisory authorities
  • Other competent authorities such as the Special Organised Crime Unit (SOCU) and the Guyana Revenue Authority

Commitment to International Obligations

Guyana’s efforts to combat proliferation financing are part of its commitment to international obligations and its goal to prevent the misuse of financial systems for illegal activities.