Guyana Takes a Stand Against Money Laundering and Financing of Terrorism: AML VS CFT Guidelines Come into Effect

In an effort to combat the growing threat of money laundering and financing of terrorism, Guyana has implemented new guidelines aimed at preventing these illegal activities. The guidelines, which come into effect immediately, are designed to ensure that financial institutions and reporting entities in the country are better equipped to detect and prevent suspicious transactions.

New Guidelines Reflect FATF Recommendations

According to sources, the guidelines have been amended to reflect changes made by the Financial Action Task Force (FATF), a global body responsible for setting standards on combating money laundering and terrorist financing. The new guidelines take into account the latest recommendations from FATF and aim to enhance Guyana’s anti-money laundering (AML) and counter-financing of terrorism (CFT) regime.

Key Requirements Under the New Guidelines

• Financial institutions and reporting entities must implement a risk-based approach to prevent and detect suspicious transactions.
• Institutions must identify high-risk customers and conduct enhanced due diligence on their activities.
• All suspicious transactions must be reported to the Financial Intelligence Unit (FIU), which is responsible for analyzing and disseminating information to relevant authorities.
• Guidance is provided on how to identify and report politically exposed persons, as well as how to implement targeted financial sanctions related to terrorism and terrorist financing.
• Reporting entities must submit suspicious transaction reports to the FIU through CaseKonnect, a secure online platform.

Enhancing Supervision and Enforcement

The implementation of these guidelines is seen as a significant step forward in Guyana’s efforts to combat money laundering and financing of terrorism. Additionally, Guyana has announced plans to enhance its supervision and enforcement regime, with the aim of ensuring that all reporting entities are in compliance with AML/CFT regulations.

Training and Resources for Financial Institutions

The government has committed to providing training and resources to financial institutions and other stakeholders to help them understand and implement the new guidelines. This support is expected to facilitate a smoother transition to the new requirements and ensure that all parties are equipped to comply with the AML/CFT regulations.

Conclusion

The implementation of these guidelines is a significant development for Guyana and demonstrates the country’s commitment to combating money laundering and financing of terrorism. The new guidelines are expected to have a positive impact on the country’s financial system and contribute to a safer and more stable economic environment.