Guyana’s Struggle with Financial Crime and Terrorism Financing: Why the Anti-Money Laundering Bill Remains Elusive
- The Caribbean Financial Action Task Force (CFATF) works towards promoting transparency and compliance with global Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) standards.
- CFATF’s evaluations of member jurisdictions reveal their progress in implementing FATF Recommendations to combat financial crimes.
Guyana’s Delay in Passing an AML Bill
- Guyana, a CFATF member, has yet to pass a critical piece of legislation – an AML bill.
- The implications of this delay could expose Guyana’s financial sector to heightened risks.
CFATF’s Evaluation of Guyana
- In 2019, CFATF identified that Guyana lacked essential legislation to counter money laundering and terrorist financing effectively.
- The jurisdiction’s progress was insufficient.
Government’s Commitment to Approving the Bill
- In May 2021, the government expressed its commitment to passing the AML bill during the ongoing parliamentary session.
Challenges Preventing the Bill’s Approval
- Previous attempts to pass similar bills in Guyana have faced setbacks due to political instability and other factors.
Ongoing Support from CFATF and International Partners
- The CFATF continues its efforts to monitor the progress of its member jurisdictions, including Guyana.
- International cooperation plays a significant role in Guyana’s attempts to address the challenges it faces.
The Importance of Passing a Robust AML and CTF Legislation Framework
- The success of CFATF’s mission in Guyana relies on the country’s ability to pass and effectively implement a robust AML and CTF legislative framework.