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Guyana’s Fight Against Money Laundering: What You Need to Know

Guyana is taking significant steps to combat money laundering and counter terrorism financing, but what exactly is money laundering and how does it impact our economy?

What is Money Laundering?

Money laundering is the process of disguising the source of illegally obtained funds, making them appear as legitimate income. This illegal activity can take many forms, including:

  • Drug trafficking
  • Bribery
  • Corruption

In Guyana, money laundering poses a significant threat to the country’s financial stability and national security.

Government Efforts to Combat Money Laundering

The Government of Guyana has taken several measures to combat money laundering, including:

Passage of Laws

  • The Real Estate Agents and Brokers Act 13 of 2023
  • The Guyana Compliance Commission Act No. 14 of 2023

These laws aim to regulate the real estate industry and ensure that financial institutions comply with anti-money laundering regulations.

Regulations

  • The Anti-Money Laundering and Countering the Financing of Terrorism (AMLCFT) Regulations No. 4 of 2010
    • Requires financial institutions to conduct regular customer due diligence
    • Requires financial institutions to report suspicious transactions

What Can You Do?

As a citizen, it’s essential that you remain vigilant and report any suspected illegal activities to the authorities. You can also support organizations that promote transparency and accountability in the financial sector.

Tips to Prevent Money Laundering:

  • Be aware of unusual or large cash transactions
  • Report suspicious activity to the authorities
  • Support organizations promoting transparency and accountability

Conclusion

Money laundering is a serious crime that threatens the stability of our economy and national security. By understanding what money laundering is and how it impacts Guyana, we can all play a role in preventing this illegal activity and promoting a more transparent and accountable financial system.