Guyana Takes Aim at Cross-Border Financial Crime Enforcement with New Policy and Strategy
The Government of Guyana has launched a five-year National Policy and Strategy aimed at combating money laundering, terrorism financing, and proliferation financing. This policy seeks to intensify the fight against financial crimes and improve the country’s effectiveness in mitigating these offenses.
Strengthening Law Enforcement Agencies and Prosecutors
The plan will guide actions to strengthen law enforcement agencies and prosecutors’ abilities to detect and disrupt criminal activities, bringing perpetrators to justice and depriving them of their assets through fines, confiscation, and asset recovery. The policy recognizes that money laundering and related crimes can harm the economy, erode the rule of law, and threaten political stability.
Assessing Risk
Guyana’s National Risk Assessment Report has rated its money laundering risk as “Medium High,” citing threats and vulnerability levels in the same category. The country is also a transit point for cocaine destined for North America, Europe, West Africa, and the Caribbean due to its unique geographical location.
Implementation Expectations
Attorney General Anil Nandlall anticipates that the implementation of the National Policy and Strategy will not only bring Guyana into compliance with international obligations but also create a robust and resilient protective network to insulate the country’s financial system from being contaminated by criminal proceeds.
Improvements to Financial Intelligence Unit (FIU)
The plan proposes improvements to the FIU’s investigating and prosecuting capabilities, including:
- Increasing staff training
- Requesting access to additional databases
- Developing information technology tools to enhance analytical capabilities
The FIU will also focus on strategic analyses to identify trends and patterns and support the establishment of policies and goals to strengthen anti-money laundering/combating the financing of terrorism supervision.
Goals for the New Policy and Strategy
The government hopes that the new policy and strategy will create a robust legal regime to provide law enforcement agencies and prosecutors with sufficient powers and tools to combat cross-border financial crime, ultimately strengthening Guyana’s financial sector and good governance.