Guyana’s Financial Intelligence Unit Plays Crucial Role in Combating Money Laundering and Terrorist Financing
The Financial Intelligence Unit (FIU) of Guyana has been instrumental in implementing measures to prevent money laundering and terrorist financing in the country. The FIU plays a crucial role in Guyana’s anti-money laundering (AML) and combating the financing of terrorism (CFT) operational network, providing support to the work of other competent authorities.
Prevention of Money Laundering and Terrorist Financing
According to the FIU, a person or entity is prohibited from knowingly dealing directly or indirectly with any funds or other assets of a listed person or entity. This includes:
- Entering into or facilitating transactions related to such individuals or entities
- Providing financial services
- Making property or services available for their benefit
Key Functions of the FIU
The FIU’s core function is supported by cooperation and collaboration with reporting entities, supervisory authorities, and other competent authorities. The unit has several key functions, including:
- Requesting, receiving, analyzing, and disseminating information or intelligence reports based on suspicious transactions and other information submitted by reporting entities and other competent authorities
- Maintaining statistics and records
- Issuing guidelines to reporting entities
- Providing advice to the Minister of Finance
- Conducting research into trends and developments
- Creating training requirements
- Providing training for reporting entities
International Cooperation
The FIU extends legal assistance to foreign jurisdictions with respect to:
- Production orders
- Property tracking
- Monitoring
- Forfeiture or confiscation orders
Supervisory Authorities
The unit’s work is supported by supervisory authorities, which are designated competent authorities responsible for ensuring compliance by reporting entities with the requirements of the AML/CFT legislation. Some key supervisory authorities include:
- Governor of the Bank of Guyana
- Guyana Securities Council
- Guyana Gold Board
- Guyana Geology & Mines Commission
- Guyana Revenue Authority
- Gaming Authority
- Departments of Cooperative & Friendly Societies
Powers and Responsibilities
To ensure compliance by reporting entities with their obligations under the AML/CFT legislation, supervisory authorities have powers and responsibilities to:
- Examine and supervise reporting entities
- Issue instructions, guidelines or recommendations
- Provide training
- Regulate and oversee effective compliance with the obligations set out in the AML/CFT legislation
Impact of the FIU’s Efforts
The FIU’s efforts have been instrumental in implementing measures to prevent money laundering and terrorist financing in Guyana. The unit’s work has helped to:
- Identify and disrupt illegal activities
- Protect the financial system
- Maintain international cooperation on anti-money laundering and combating the financing of terrorism efforts
By working together with reporting entities, supervisory authorities, and other competent authorities, the FIU plays a crucial role in maintaining Guyana’s financial integrity and preventing money laundering and terrorist financing.