Financial Crime World

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Guyana Tightens Anti-Money Laundering Regulations Amid Global Crackdown

In an effort to strengthen its stance against financial crimes, Guyana has introduced a series of amendments to its anti-money laundering (AML) regulations. This move comes amid growing international pressure to combat money laundering and terrorist financing.

Enhanced AML/CFT Framework

The country’s parliament has passed several acts and regulations aimed at enhancing the AML/CFT framework. Some notable amendments include:

  • The Real Estate Agents and Brokers Act 13 of 2023, which requires real estate professionals to implement strict customer due diligence procedures.
  • The Guyana Compliance Commission Act No. 14 of 2023, which mandates financial institutions to conduct regular risk assessments and implement effective AML/CFT controls.

Improved Information Sharing

The AMLCFT (Amendment) Act No. 15 of 2023 has also been passed, aiming to improve the sharing of information between financial institutions and law enforcement agencies.

Strengthened Regulations

Guyana’s regulatory body has issued several regulations aimed at strengthening AML/CFT compliance. Some examples include:

  • The AML/CFT Regulations: AMLCFT (Miscellaneous) Regulations No. 12 of 2023, which requires financial institutions to implement enhanced due diligence procedures for high-risk customers and transactions.

Global Significance

This move is seen as a major step forward in Guyana’s efforts to combat financial crimes and bring its AML/CFT regime in line with global standards. The country has been under pressure from the Financial Action Task Force (FATF) to improve its AML/CFT regime, and these amendments are expected to help it meet the international body’s requirements.

Benefits

The government has emphasized that the new regulations will enhance transparency and integrity in Guyana’s financial sector, while also providing a safer environment for legitimate businesses to operate.

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