Financial Crime World

Guyana Takes Steps to Prevent Terrorist Financing with New AML/CFT Measures

Guyana’s government has taken a significant step in combating money laundering and terrorist financing by implementing measures outlined in the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act 2009. This legislation outlines specific obligations for various agencies and entities to ensure compliance.

Designated Agencies

The AML/CFT Act designates certain agencies with special roles and responsibilities to assist in deterring and preventing money laundering and terrorist financing. These include:

  • Reporting Entities
  • Financial Intelligence Unit
  • Supervisory Authorities
  • Special Organized Crime Unit
  • Director of Public Prosecution
  • AML/CFT and Proliferation Financing National Co-ordination Committee
  • Other competent authorities

Supervisory Authorities’ Role

Supervisory Authorities play a crucial role in ensuring that Reporting Entities comply with the requirements of the AML/CFT Act. Their responsibilities include:

  • Conducting examinations
  • Providing training
  • Regulating and overseeing Reporting Entities
  • Entering premises to carry out inspections
  • Requesting information relevant to money laundering and terrorist financing from reporting entities

Consequences of Non-Compliance

Failure by a Reporting Entity to comply with its obligations under the AML/CFT Act can result in sanctions being imposed by Supervisory Authorities. These sanctions may include:

  • Issuing written warnings
  • Ordering compliance
  • Prohibiting convicted persons from employment
  • Directing the removal of defaulting officers from boards
  • Recommending suspension or withdrawal of licenses
  • Imposing fines ranging from five to fifteen million dollars

Citizen Participation

The Guyanese government is urging all citizens to play their part in preventing money laundering and terrorist financing. With the implementation of these measures, authorities aim to strengthen national efforts to combat illicit activities and protect the country’s financial system.

By working together, we can prevent the misuse of our financial systems and ensure a safer future for our nation.