Title: Guyana’s Financial Regulatory Landscape: A Compliance Check of Anti-Money Laundering and Countering Financing of Terrorism Laws
Guyana has been actively implementing measures to prevent money laundering and counter financing of terrorism (AML/CFT) in its financial regulatory landscape. This article outlines some of the key legislations and regulations that contribute to the country’s AML/CFT framework.
Legislations and Amendments
- Anti-Money Laundering and Countering the Financing of Terrorism Act (No. 13 of 2009)
- Anti-Money Laundering and Countering the Financing of Terrorism Amendment Act (No. 10 of 2015)
- AMLCFT (Amendment) Act No. 15 of 2023
- Guyana Compliance Commission Act No. 14 of 2023
Guyana has been enacting various amendment acts and regulations to strengthen its AML/CFT framework, some of which were passed in the following years: 2015, 2016, 2017, and 2022.
Key Legislations and Their Amendments
1. Anti-Money Laundering and Countering the Financing of Terrorism Act (No. 13 of 2009)
- In force since: March 1, 2009
- Purpose: Establishes Guyana’s AML/CFT legislative framework
2. Anti-Money Laundering and Countering the Financing of Terrorism Amendment Act (No. 10 of 2015)
- In force since: December 1, 2015
- Purpose: Amends Guyana’s original AML/CFT Act, enhancing its provisions
3. AMLCFT (Amendment) Act No. 15 of 2023
- In force since: January 1, 2024 (estimated)
- Purpose: Recentsly enacted amendment to the AML/CFT Act
4. Guyana Compliance Commission Act No. 14 of 2023
- In force since: July 1, 2023
- Purpose: Establishes the Compliance Commission to oversee Guyana’s AML/CFT framework
Regulations
- AMLCFT (Miscellaneous) Regulations No. 12 of 2023
- AMLCFT Regulations No. 4 of 2010
- AMLCFT Regulations No. 4 of 2015
- AMLCFT (Amendment) Regulations No. 10 of 2023
- AMLCFT (Amendment) Regulations No. 9 of 2023
- AML/CFT Amendment Regulations No. 7 of 2015
Conclusion
Guyana’s legislative and regulatory efforts demonstrate a commitment to creating a robust and comprehensive framework for countering financial crimes. These initiatives help ensure that financial transactions within Guyana’s borders remain transparent and free from illicit activities, protecting both the local economy and international financial systems.