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Laundering Crackdown: New Laws Aim to Freeze Assets and Forfeit Ill-Gotten Gains
The Government of Guyana has introduced new measures to combat money laundering, empowering authorities to freeze assets and forfeit properties linked to criminal activities.
Freezing Assets and Forfeiting Properties
Under the new laws, law enforcement agencies can apply to a High Court judge for an order to freeze the property of individuals suspected of money laundering. The court may also give directions on how to dispose of the property, including:
- Determining ownership disputes
- Paying debts to creditors
Preventing and Recovering Illicitly Acquired Assets
The measures are designed to prevent the laundering of proceeds from criminal activities and recover assets that have been illicitly acquired. The laws provide for the forfeiture of properties and proceeds derived from or connected to money laundering offenses.
Forfeiture of Properties and Proceeds
When a person is convicted of money laundering, the court will order the forfeiture of the property, proceeds, or instrumentalities derived from or connected to the offense. In some cases, the court may even infer that property was obtained or derived as a result of the commission of a money laundering offense if there is evidence that the value of the person’s assets increased significantly after the offense.
Protecting Bona Fide Third Parties
The laws also protect the rights of bona fide third parties who have a legitimate legal interest in properties that are subject to forfeiture. The court or competent authority will return the property to the claimant if it is demonstrated that they have a legitimate legal interest and were not involved in any way with the money laundering offense.
International Cooperation
International cooperation is also key to combating money laundering, and the laws provide for assistance between law enforcement agencies of different countries to:
- Identify properties connected to money laundering offenses
- Trace and freeze assets
- Seize or forfeit properties
Preventing Financial Misuse and Ensuring Economic Stability
The new measures are aimed at preventing the misuse of financial systems and ensuring that Guyana’s economy remains stable and secure.