Financial Crime World

Guyana’s Strides to Enhance Financial Compliance Regulation: A Step Toward Global Standards

Guyana, the frequently overlooked South American nation, is making significant strides to strengthen its financial regulatory framework in line with international standards. The country’s goal is to combat money laundering, terrorism financing, and the financing of weapons of mass destruction.

Guyana’s Recognized Progress towards FATF Benchmarks

According to the Financial Action Task Force (FATF)’s latest report [1], Guyana has made significant progress in the following areas:

  1. Criminalizing money laundering and terrorism financing.
  2. Risk assessment.
  3. Transaction monitoring.
  4. International cooperation.

Joining FATF as an Observer Member: A Milestone

One of the most significant steps taken by Guyana recently was joining the FATF as an observer member in March 2023. This critical milestone signifies Guyana’s commitment to bolstering its financial compliance regulation.

Driving Forces Behind Guyana’s Progress

The FATF report highlights the following measures as the primary contributors to Guyana’s progress:

  1. Establishing a Financial Intelligence Unit (FIU).
  2. Implementing anti-money laundering (AML) and counter-terrorist financing (CTF) regulations.

The Role of the Financial Intelligence Unit (FIU)

The FIU’s primary responsibility is to:

  1. Analyze and disseminate financial intelligence.
  2. Enhance inter-agency cooperation for the effective implementation of AML/CTF measures.

FATF Membership: A Long-Term Goal

Although Guyana has made considerable progress, the road to full FATF membership remains a long-term goal. In the near future, the country is expected to undergo a comprehensive evaluation against FATF’s Recommendations to further assess its progress and strengthen its financial regulatory framework.

A Positive Sign Amidst Global Concerns

Guyana’s efforts to comply with international standards hold significance beyond its borders. Amid the growing concerns over the increasingly complex nature of financial crimes and their potential harm to economies and societies, Guyana’s commitment to addressing these issues serves as an inspiration for other countries in the region and around the world.

[1] FATF, Guyana Mutual Evaluation Report, March 2023. [Accessed 25 May 2023]. Available at: https://www.fatf-gafi.org/en/methodology/mutual-evaluations/ongoing-me-process/documents/guyana-mutual-evaluation-report.html