Financial Crime World

Guyana Implements Stricter Anti-Money Laundering Regulations for 2023

Strengthening Financial Integrity in Guyana

Georgetown, Guyana - The Government of Guyana has taken another significant step in combating financial crimes by introducing new anti-money laundering (AML) regulations effective January 1st, 2023.

Revised AML/CFT Regulations

The revised AML/CFT Regulations No. 12 of 2023 builds upon existing laws, including the Amended Anti-Money Laundering and Countering the Financing of Terrorism Act No. 15 of 2023. The new regulations aim to prevent money laundering and terrorist financing by strengthening Guyana’s regulatory framework.

Key Changes

  • Real estate agents and brokers must now maintain detailed records of transactions, report suspicious activity, and implement robust customer due diligence procedures.
  • The scope of covered entities has been expanded to include lawyers, accountants, and other professionals who provide financial services.
  • A dedicated agency, the Guyana Compliance Commission Act No. 14 of 2023, has been established to enforce AML/CFT regulations and ensure compliance among financial institutions.

International Standards

Guyana’s implementation of these new regulations is part of its commitment to meet international standards set by the Financial Action Task Force (FATF). The country has made significant progress in recent years to strengthen its AML/CFT regime, including the passage of the Amended Anti-Money Laundering and Countering the Financing of Terrorism Act No. 15 of 2023.

Industry Response

Industry stakeholders have welcomed the revised regulations, citing improved clarity and consistency in regulatory requirements. The new rules are expected to enhance transparency and accountability within the financial sector, ultimately contributing to a safer and more secure economic environment for Guyana.

Benefits

  • Improved detection and prevention of money laundering and terrorist financing activities
  • Enhanced transparency and accountability within the financial sector
  • Strengthened regulatory framework to prevent misuse of the financial system for illicit activities

Guyana’s commitment to combating financial crimes demonstrates its dedication to maintaining a robust and secure economic environment. The implementation of these new regulations is an important step towards achieving this goal.