Guyana’s Medium High Money Laundering Threat and Vulnerability

A recent assessment by a reputable organization has revealed that Guyana faces a medium high risk of money laundering, driven by its medium high overall threat and vulnerability.

The Assessment Highlights

• Guyana’s financial sector is vulnerable to money laundering due to a lack of convictions for money laundering-related offenses over the years.
• The estimated value of proceeds generated from predicate offenses such as smuggling, tax evasion, and fraud is significant, with an estimated total value of USD 42.5 million between 2016 and 2020.

Investigative Challenges

• The Special Organised Crime Unit (SOCU) is mainly responsible for conducting investigations into money laundering.
• However, there are concerns about the lack of data on predicate offenses investigated, prosecuted, and convicted by the Guyana Police Force (GPF).

Emerging Threats

• Virtual assets and financial inclusion products may provide new avenues for money laundering.
• The virtual assets sector remains unregulated in Guyana.
• With increased attention from investors worldwide, it is likely that the use of virtual assets for payments will emerge.

Conclusion

Guyana must be vigilant and take steps to guard against the misuse or abuse of its financial services to prevent money laundering.