Financial Crime World

Guyana Tackles Cryptocurrency-Linked Financial Crime with Asset Recovery Workshop

In an effort to strengthen its anti-money laundering and anti-corruption regime, the Guyanese Government has launched a comprehensive workshop on financial investigation and asset recovery. The workshop, which began on October 9 at Duke Lodge in Kingston Georgetown, brings together key organizations from various sectors to address emerging issues in the financial sector, including cryptocurrency.

Significance of Asset Recovery

Attorney General Anil Nandlall, SC, emphasized the importance of asset recovery in combating financial crime. He noted that the workshop represents a “holistic approach to training and preparing ourselves to meet modern challenges” in Guyana’s growing economy. The country has recently passed an Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Act of 2023, which includes provisions for civil forfeiture.

Prior to this legislation, Guyana lacked a legal framework to address asset recovery issues. However, with the new law in place, Guyana now has one of the most modern expressions of civil forfeiture legislation in the Caribbean, aimed at tackling money laundering and terrorism financing offenses.

Quotes from Key Officials

  • “This workshop will yield huge benefits through mutual assistance and cooperation between regional partners.” - Justice Yonette Cummings-Edwards, Acting Chancellor of the Judiciary
  • “The Regional Security System is committed to tackling crime in the region. Asset recovery is a critical step in legal actions against criminal elements.” - Commodore Errington Ricardo Shurland, Executive Director of the Regional Security System (RSS)

Workshop Objectives

The workshop aims to address identified deficiencies in Guyana’s legal and anti-money laundering/anti-terrorism financing architecture. The Government is committed to addressing these shortcomings swiftly. The training session will cover various topics, including:

  • Digital evidence
  • Investigative orders
  • Disclosure orders
  • Restraint orders
  • Cash seizure, re-seizure, and detention
  • Investigative orders application
  • Evidential burden and procedure
  • Civil recovery building a civil recovery case

Conclusion

The Guyanese Government’s comprehensive workshop on financial investigation and asset recovery is a significant step towards strengthening its anti-money laundering and anti-corruption regime. The workshop’s focus on emerging issues, including cryptocurrency, demonstrates the country’s commitment to staying ahead of financial crime threats.