Financial Crime World

Guyana Moves to Strengthen Regulatory Bodies for Financial Crimes

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Guyana is set to amend its extradition laws next week to facilitate easier extraditions of individuals between the country and the United States. This move comes as part of Guyana’s commitment to combating money laundering and terrorist financing.

Amendments to Extradition Laws

The amendments will make it easier for extraditions to take place from and to Guyana and the US. According to Attorney General Anil Nandlall, this move is expected to boost Guyana’s efforts in capturing and prosecuting individuals suspected of financial crimes.

Significant Progress Made

Guyana has already made significant strides in combating financial crimes. The US has commended the country for facilitating the capture and extradition of several individuals from Guyana to the US.

Membership in Egmont Group

Guyana’s membership in the Egmont Group, which facilitates the exchange of information and cooperation amongst Financial Intelligence Units (FIUs) worldwide, has enabled the country to share intelligence and best practices with other countries to combat financial crimes.

Government Agencies Attend CFATF Meeting

Representatives from several government agencies attended the Caribbean Financial Action Task Force (CFATF) 58th Plenary and Working Group Meetings in Trinidad. These agencies include:

  • Bank of Guyana
  • Ministry of Natural Resources
  • Guyana Geology and Mines Commission
  • Guyana Gold Board
  • Special Organised Crime Unit (SOCU)
  • Guyana Securities Council
  • Treaty Office of the Ministry of Home Affairs
  • Guyana Revenue Authority
  • Office of the Director of Public Prosecutions

Efforts to Combat Financial Crimes

The Attorney General emphasized that Guyana is committed to vigorously pursuing investigations, prosecutions, and convictions of relevant predicate offences to interrupt and eliminate proceeds of crime from penetrating the financial system. The country’s efforts include:

Improving Forensic Investigative and Prosecutorial Capabilities

Guyana has established a modern forensic laboratory staffed by experts from India to improve its forensic investigative and prosecutorial capabilities.

Asset Forfeiture Regime

The country has adopted a model legislation prepared by the Regional Security System (RSS) Asset Recovery Unit (ARU) to bolster its asset forfeiture regime. The Special Organised Crime Unit (SOCU) of the Guyana Police Force has recruited additional staff in areas such as law, forensic audit, accounting, and investigations.

Inter-Agency Cooperation

Inter-agency cooperation between SOCU and the Office of the Director of Public Prosecutions has improved, resulting in more investigations and prosecutions.

Impact on Various Sectors

Guyana’s efforts to combat financial crimes are expected to impact various sectors, including:

  • Realtors
  • Cooperative societies
  • Lawyers

These sectors will be governed under the widening CFATF legal and regulatory architecture.