Financial Crime World

Financial Crime Definition Takes Center Stage in Guyana’s Fight Against Money Laundering, Terrorism Financing

Guyana is intensifying its efforts to combat financial crimes by implementing a multi-pronged approach to advance its Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing (AML/CFT/PF) regime. A newly unveiled policy aims to guide the implementation of strategic measures in this ongoing battle.

Private-Public Cooperation

The policy recognizes that private-public cooperation is crucial for success. Continuous engagements with the private sector will facilitate partnerships and coordination, ensuring effective mechanisms are in place for policymakers and key stakeholders to cooperate and coordinate their efforts.

National Coordination Committee (NCC)

A National Coordination Committee (NCC) has been established to oversee the national strategy and coordinate Guyana’s participation in international efforts against financial crimes. The NCC will ensure that:

  • Competent authorities cooperate and coordinate their efforts
  • Sanctions are attached for failure to provide timely information
  • Memoranda of understanding are signed to facilitate information sharing among these authorities

Strategic Objectives

The policy outlines eight strategic objectives aimed at enhancing Guyana’s AML/CFT/PF regime in line with international standards. These objectives include:

  • Ensuring policy coordination to mitigate money laundering and terrorist financing risks
  • Strengthening the legislative framework
  • Enhancing supervision and investigation capabilities

International Recognition

Guyana’s efforts have already received international recognition, with improved rankings in reports such as:

  • United States’ Department of State International Narcotics Control Strategy Report (INCSR)
  • Transparency International Corruption Index

The country has also been removed from the European Union’s Blacklist on taxation, solidifying its improved stature in the fight against financial crimes.

Conclusion

As Guyana intensifies its efforts to combat money laundering, terrorism financing, and proliferation financing, this new policy marks a significant step forward in its quest to safeguard its financial system and reputation.