Financial Institution Security Protocols in Guyana Under Scrutiny

Guyana’s financial institution security protocols have come under intense scrutiny in recent times, following a series of high-profile cases involving money laundering and terrorism financing. The Financial Intelligence Unit (FIU) has issued guidelines aimed at preventing the misuse of financial systems by criminal entities.

Key Concerns

• Ability of terrorist organizations to use Guyana’s financial system to fund their activities
• Money laundering concerns, including the potential for criminal entities to exploit Guyana’s financial institutions

FIU Guidelines and Initiatives

• Working closely with financial institutions to ensure implementation of robust anti-money laundering (AML) and combating the financing of terrorism (CFT) measures
• Issuing advisories and guidelines to help financial institutions identify and report suspicious transactions
• Implementing targeted financial sanctions aimed at freezing the assets of individuals and entities linked to terrorism
• Providing guidance on how to detect and prevent terrorist financing, including guidance on suspicious transaction reporting

Additional Measures

• Financial institutions advised to be vigilant in identifying high-risk customers and implementing strict due diligence measures when dealing with these individuals
• Guidelines issued for securities companies, insurance companies, and brokers to help them comply with AML/CFT regulations
• Handbook developed for reporting entities, providing step-by-step instructions on how to submit reports to the FIU

Expert Opinions

• “The financial institution security protocols in place are robust, but they can always be improved… Guyana needs to remain vigilant and continue to work with international partners to stay ahead of the evolving threat.” - Expert
• “More needs to be done to prevent money laundering and terrorism financing in Guyana. The government must address these concerns to avoid being placed on a list of non-cooperative jurisdictions.” - Expert

FATF Report

• A recent report by the Financial Action Task Force (FATF) highlighted Guyana’s progress in implementing AML/CFT measures, but also noted areas for improvement
• The report praised Guyana’s efforts to implement targeted financial sanctions and improve its beneficial ownership regime, but flagged concerns about detecting and preventing terrorist financing, as well as lack of cooperation with international authorities

Government Commitment

• Pledged to work closely with the financial industry and international partners to strengthen AML/CFT measures and prevent money laundering and terrorism financing
• Committed to ensuring that Guyana’s financial system is secure and transparent: “We will continue to work tirelessly to address these concerns and protect our country from the threat of terrorist financing.” - Government Spokesperson