Financial Crime World

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Guyana Takes a Step Towards Beneficial Ownership Transparency

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In an effort to combat money laundering, terrorist financing, and proliferation financing, Guyana has taken significant steps to enhance beneficial ownership transparency.

What is Beneficial Ownership?

Beneficial ownership refers to the real individuals who ultimately benefit from assets or transactions of a company, often through complex layers of corporate entities and trusts. Identifying these individuals is crucial in preventing illegal activities such as corruption, tax evasion, fraud, and smuggling.

New Regulations

Under the new regulations, non-profit organizations (NPOs) will be required to register with the Guyana Compliance Commission, which will conduct outreach and training programs to educate NPOs on their obligations under anti-money laundering and countering the financing of terrorism (AML/CFT) laws.

  • The commission will use a risk-based approach to monitor NPOs, ensuring that they comply with AML/CFT regulations.
  • This includes ongoing outreach, proportionate supervision, effective investigation, and international cooperation.

Professional Requirements

In addition, professionals who interface with the Commercial Registry, such as: + Real estate agents + Trust and company service providers + Accountants + Auditors + Attorneys-at-law

will be required to adhere to strict guidelines to prevent money laundering, terrorist financing, and proliferation financing.

  • These guidelines provide important information for these professions, which are critical in ensuring that legal persons and arrangements are not created for abuse.
  • The goal is to ensure that companies are transparent about their ownership structures, making it easier to detect and prevent illegal activities.

Enforcement

The new regulations come into effect as the Guyana Compliance Commission begins its operations, tasked with enforcing anti-money laundering and countering the financing of terrorism laws. The commission will work closely with: + The Registrar of Friendly Societies + The Commercial Registrar

to ensure compliance.

Impact

As Guyana moves towards greater transparency in beneficial ownership, it is expected that this initiative will contribute significantly to the country’s efforts to combat money laundering, terrorist financing, and proliferation financing.