Financial Crime World

Guyana Unveils Ambitious Anti-Money Laundering Strategy to Combat Financial Crime

Georgetown, Guyana - The Government of Guyana has launched a comprehensive national policy and strategy aimed at strengthening the country’s anti-money laundering (AML) and combating the financing of terrorism (CFT) framework. This ambitious strategy is designed to mitigate money laundering, terrorist financing, and proliferation financing (ML/TF/PF) risks in Guyana.

National Policy and Strategy for AML/CFT 2021-2025

The National Policy and Strategy for AML/CFT 2021-2025 outlines eight key initiatives that will contribute to the strengthening of Guyana’s AML/CFT system. These initiatives include:

  • Ensuring policy coordination
  • Strengthening the legislative framework
  • Enhancing the capabilities of the Financial Intelligence Unit (FIU)
  • Developing greater cooperation among domestic competent authorities
  • Ensuring adequate information on beneficial ownership

The strategy will be regularly updated to address emerging risks and changes in international standards and best practices.

Key Objectives

The National Coordination Committee (NCC) will focus on five primary roles: policy, leadership, strategic, implementation oversight, and administration. Some of the key objectives include:

  • Ensuring the overall comprehensiveness of the AML/CFT legal framework
  • Updating the Strategic Plan/Policy based on risk assessments and changes in international standards and best practices
  • Developing and adopting a methodology for updating the National Risk Assessment (NRA)
  • Conducting outreach and training to competent authorities, law enforcement agencies, and stakeholders

Legislative Framework

To strengthen the AML/CFT legislative framework, Guyana will:

  • Review and amend the AML/CFT Act to ensure compliance with international standards
  • Draft legislation for the regulation and supervision of virtual assets and service providers (VASPs) to mitigate ML/TF/PF risks associated with new technologies

Asset Recovery

In support of asset recovery provisions in the AML/CFT Act, Guyana will:

  • Develop or strengthen legislation that provides for civil confiscation and civil forfeiture
  • Enhance the country’s ability to recover assets linked to financial crime

Conclusion

The Government of Guyana has expressed its commitment to implementing this strategy and working closely with international partners to combat financial crime. The successful implementation of this strategy is expected to have a significant impact on Guyana’s financial sector, enhancing transparency, stability, and trust among local and foreign investors.