Financial Crime World

Guyana Enacts New Legislation to Combat Money Laundering and Terrorism Financing

Strengthening the Country’s Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) Regime

Georgetown, Guyana - August 16, 2023: The Government of Guyana has taken a significant step in combating money laundering and terrorism financing by enacting new legislation aimed at strengthening its anti-money laundering (AML) and counter-terrorism financing (CFT) regime.

Key Reforms Introduced

The Anti-Money Laundering and Countering the Financing of Terrorism (Amendment Act) 2023, which was gazetted on August 16, 2023, introduces several key reforms to enhance Guyana’s ability to detect, prevent, and prosecute money laundering and terrorist financing activities.

  • Establishes a new Financial Intelligence Unit (FIU) to analyze and disseminate suspicious transaction reports
  • Increases penalties for money laundering and terrorist financing offenses
  • Expands the scope of reporting requirements for financial institutions and designated non-financial businesses and professions

Enhanced Transparency and Accountability

The legislation also requires all financial institutions and designated non-financial businesses and professions to:

  • Implement robust customer due diligence procedures
  • Conduct regular risk assessments to identify potential AML/CFT risks

These measures aim to increase transparency and accountability in financial transactions, as well as enhance cooperation between government agencies and international partners.

International Cooperation

The Government of Guyana has been working closely with international partners, including the Caribbean Financial Action Task Force (CFATF) and the International Monetary Fund (IMF), to strengthen its AML/CFT regime in line with global standards.

Minister’s Statement

“This amendment act represents a significant step forward in our efforts to combat money laundering and terrorist financing,” said Minister of Legal Affairs, Hon. [Name]. “We are committed to ensuring that Guyana’s financial system is transparent, accountable, and resilient to these threats.”

Effective Date

The new legislation comes into effect immediately and applies to all financial institutions and designated non-financial businesses and professions operating in Guyana.

By enacting this legislation, the Government of Guyana demonstrates its commitment to combating money laundering and terrorism financing, ensuring a safer and more transparent financial system for its citizens.