Financial Crime World

Guyana Takes a Tough Stance on Anti-Money Laundering and Countering Terrorist Financing

Guyana has recently taken significant steps to strengthen its efforts against money laundering and the financing of terrorism by passing several laws and regulations. This move demonstrates the country’s commitment to combating these illicit activities and ensuring a transparent and secure financial environment.

New Laws and Regulations

The Real Estate Agents and Brokers Act 13 of 2023 has introduced new measures to prevent money laundering and terrorist financing in the real estate sector. Additionally, the Guyana Compliance Commission Act No. 14 of 2023 has been enacted, establishing a commission responsible for overseeing compliance with anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations.

Key Provisions

  • The commission will monitor and enforce AML/CFT standards across various industries
  • Regulated entities will be required to maintain customer due diligence records and report suspicious transactions

Amendments to Existing Laws

Several amendments have been made to Guyana’s existing laws to further bolster its AML/CFT framework. These include:

Key Provisions

  • The Amendment Act No. 15 of 2023 has updated the country’s AML/CFT legislation
  • The AMLCFT (Amendment) Act No. 10 of 2023 has introduced new provisions to enhance the effectiveness of the regime

Regulatory Bodies’ Enhanced Oversight Capabilities

Regulatory bodies have taken steps to strengthen their oversight capabilities, including:

Key Provisions

  • The AML/CFT Regulations:AMLCFT (Miscellaneous) Regulations No. 12 of 2023 introduces new rules for reporting suspicious transactions and maintaining customer due diligence records
  • The AMLCFT (Amendment) Regulations No. 10 of 2023 updates requirements for regulated entities to comply with AML/CFT standards

Expert Insights

Experts believe that these measures will help Guyana better detect and prevent money laundering and terrorist financing activities, which pose significant threats to national security and the integrity of the financial system.

Benefits

  • The country’s commitment to combating these crimes sends a strong signal to global partners and investors
  • A robust regulatory framework in place will make Guyana an attractive destination for foreign investment and tourism

Public Awareness Campaigns

The Guyanese government has launched several awareness campaigns to educate the public about the risks associated with money laundering and terrorist financing. These campaigns aim to promote a culture of compliance and encourage individuals and businesses to report suspicious activities to the authorities.

Objectives

  • To raise awareness about the dangers of money laundering and terrorist financing
  • To promote a culture of compliance among individuals and businesses

Conclusion

As Guyana continues to strengthen its AML/CFT regime, it is likely that the country will become an attractive destination for foreign investment and tourism. With its robust regulatory framework in place, Guyana is poised to establish itself as a leader in regional efforts to combat money laundering and terrorist financing.