Financial Crime World

Guyana Intensifies Efforts to Prevent Terrorist Financing and Money Laundering

Guyana has taken a significant step in preventing terrorist financing and money laundering by enacting the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act Chapter 10:11 in 2009. This legislation supersedes the Money Laundering (Prevention) Act 2000 and provides for the identification, tracing, freezing, seizing and forfeiture of unlawful proceeds of all serious offenses.

Key Provisions

  • Establishes the Financial Intelligence Unit (FIU), responsible for receiving, analyzing and disseminating financial intelligence to combat money laundering and terrorist financing.
  • Grants comprehensive powers to prosecute individuals and entities involved in illegal activities, including the forfeiture of assets and property linked to crime and terrorism.
  • Requires reporting entities, such as banks and other financial institutions, to take preventive measures to help combat money laundering and terrorist financing.

Strengthening the Framework

Since its enactment, the AML/CFT Act has undergone several amendments aimed at strengthening Guyana’s anti-money laundering and countering the financing of terrorism framework. Key features of these amendments include:

  • Inclusion of targeted financial sanctions against proliferation financing
  • Establishment of an Anti-Money Laundering and Countering the Financing of Terrorism and Proliferation Financing National Co-ordination Committee (NCC)
  • Amendment of the Guyana Gold Board Act to include anti-money laundering criteria

International Best Practices

Guyana’s legislative measures are in line with international best practices, taking into account:

  • 40 recommendations of the Financial Action Task Force (FATF) on money laundering and the financing of terrorism
  • 19 recommendations of the Caribbean Financial Action Task Force (CFATF)

Conclusion

With these stringent legislative measures in place, Guyana is now better equipped to prevent terrorist financing and money laundering, which are critical in ensuring national security and protecting its financial system.