Financial Crime World

Guyana Steps Up Fight Against Financial Crime with Caribbean Partnership and Global Network

Guyana has taken a significant step forward in its fight against financial crimes by strengthening its ties with neighboring Caribbean nations and joining a global information-sharing network on financial crimes.

Strengthening Regional Ties

The country has signed six Memoranda of Understanding (MoUs) with Financial Intelligence Units (FIUs) from Bermuda, Bahamas, Haiti, Saint Vincent and the Grenadines, Turks and Caicos Islands, and British Virgin Islands. These agreements will facilitate intelligence sharing for investigations into money laundering.

Joining Global Networks

Guyana is poised to join the Egmont Group, a platform that enables secure exchange of information among Financial Intelligence Units across 137 countries. The country’s application will be submitted to the group’s Membership, Support and Compliance Working Group at an upcoming meeting in early 2023.

Progress in Fighting Financial Crimes

Attorney General Anil Nandlall highlighted Guyana’s significant progress in its fight against financial crimes, citing recent revisions to the Anti-Money Laundering/Countering Financing of Terrorism (AML/CFT) Act. The country is also set to undergo a mutual evaluation by the Caribbean Financial Action Task Force (CFATF) in September 2023.

International Partnerships

Guyana has formed strategic alliances with regional law enforcement agencies and the Bank of Guyana has held discussions with CFATF on sector-specific training for its staff. The country’s participation in the recent plenary meeting of the CFATF, attended by hundreds of members from around the world, demonstrates its commitment to combating money laundering and terrorism financing.

International Support

International partners such as the United States, Britain, Canada, and the European Union have called on Guyana to enforce its anti-corruption legislation and take action against offenders. The government has responded by announcing continuous measures to combat financial crimes and corruption.

Welcome from Western Envoys

Guyana’s efforts to combat financial crime have been welcomed by Western envoys in the country, who praised the government’s “vigorous anti-corruption policies” and commitment to transparency and accountability.

Key Points

  • Guyana has signed six MoUs with FIUs from neighboring Caribbean nations
  • The country is poised to join the Egmont Group, a global information-sharing network on financial crimes
  • Guyana has made significant progress in its fight against financial crimes, citing recent revisions to the AML/CFT Act
  • The country will undergo a mutual evaluation by the CFATF in September 2023
  • International partners have called on Guyana to enforce its anti-corruption legislation and take action against offenders