Guyana Stands Strong Against Corruption and Money Laundering
Georgetown, Guyana - The Government of Guyana has taken significant steps to combat corruption and money laundering in the country’s business sector.
Robust Regulations and Laws
The government has enacted several key laws and regulations aimed at preventing corruption and money laundering. These include:
- Guyana Geology & Mines Commission Act: Regulates the mining industry and ensures transparency in the extraction of natural resources.
- Securities Industry Act: Oversees the securities market and promotes fair and transparent trading practices.
- Gambling Prevention Act: Regulates gambling activities and prevents illegal betting operations.
- Cooperative Societies Act: Governed the cooperative sector and ensures that member-owned businesses operate transparently.
- Financial Institutions Act: Regulates banks, insurance companies, and other financial institutions to prevent money laundering and terrorist financing.
- Insurance Act: Ensures transparency in the insurance industry and prevents fraudulent activities.
- Real Estate Agents & Brokers Act: Regulates real estate transactions and ensures that property ownership is transparent.
Beneficial Ownership Disclosure
One of the key measures implemented by Guyana is the requirement for businesses to disclose their beneficial ownership information. This means that companies must provide details about who really owns or controls them, rather than just listing shareholders or directors. This information is then made available to law enforcement agencies and other competent authorities.
Risk-Based Approach to Regulation
Guyana has also implemented a risk-based approach to regulation, which involves assessing the risks associated with each business and imposing sanctions on those that fail to comply with anti-money laundering regulations.
Intensified Training for Relevant Staff
To further strengthen its anti-corruption efforts, Guyana has intensified training for relevant staff at competent authorities to detect concealment of beneficial ownership information for illegal purposes or corruption.
National Strategy to Combat Money Laundering and Terrorist Financing
The country has developed a national strategy to combat money laundering and terrorist financing, which includes:
- Risk Assessments: Conducts risk assessments of legal persons and arrangements to identify potential vulnerabilities.
- Cooperation and Coordination: Encourages cooperation and coordination between government entities and the private sector to prevent illegal activities.
- Risk-Based Approach to Regulation: Imposes sanctions on businesses that fail to comply with anti-money laundering regulations.
Additional Measures
Guyana has also prohibited the use of bearer shares and bearer share certificates, which are often used to conceal beneficial ownership. The country has also implemented measures to ensure transparency in its public procurement processes and asset declarations by public officers.
Conclusion
In conclusion, Guyana’s efforts to combat corruption and money laundering demonstrate a strong commitment to transparency and accountability. By implementing robust regulations and measures, the country is able to prevent illegal activities and promote a safe and secure business environment for all stakeholders.