THE Guyana Government, through its Minister of Legal Affairs and Attorney General, Anil Nandlall, has presented to the National Assembly for consideration and an eventual vote, amendments to the ‘Anti-Money Laundering and Countering the Financing of Terrorism’ laws.

The proposed changes to the existing law that is being piloted by Nandlall seek to strengthen the regime for combating money laundering, countering the financing of terrorism, and “specifically to meet the recommendations of the Financial Action Taskforce.”
Proposed in the new piece of legislation by Nandlall, would be the inclusion of offences related to “assisting a person to escape the legal consequences of specified money laundering offences as well as the increasing of certain money laundering-related fines from $1M to $5M.
The proposed law will also oblige telecommunication providers, such as the Guyana Telephone and Telegraph and Digicel Guyana, to provide information upon request to the Financial Intelligence Unit of the Ministry of Finance.
The provision is similar to that of the Wiretapping Laws that have made it mandatory for the telecommunications providers to supply records to the relevant authorities based on a legitimate request.
The proposed amendments by Nandlall also seek authorize the Financial Intelligence Unit to provide feedback to a greater number of reporting agencies “according to international best practices”, as well as increasing its research obligations to assess risks arising from new products, practices and technologies.
Similar to whistle-blowing legislation, the proposed amendments to the law by Nandlall will also see provisions, ‘providing that professionals who transmit information or submit suspicious transactions reports in good faith, to remain free of liability for breach of confidentially or professional sanction, even if they did not know what the underlying criminal activity was and regardless of whether the illegal activity actually occurred.”
The proposed changes in the law will also make it mandatory for reporting entities not to open new accounts, commence business relationships or perform the intended or desired transaction and make a suspicious transaction report.
The amendments also “advance the requirements for reporting entities to make deliberate decisions in continuing relations with politically exposed persons.”
According to the explanatory memorandum accompanying the proposals, this will “expand the due diligence obligations for reporting entities.”
The changes in the law will also make mandatory for reporting entries such as banks, to report possible terrorist financing offences, and include activities involving funds suspected of being linked, or related to, or to be used for terrorism, terrorist acts or by terrorist organizations.
The amendments being piloted by Nandlall will also give sanctioning powers to supervisory authorities for breach of obligations by reporting entities, “including the power to impose administrative penalties.”
The amendments include also requirements be placed on international travellers “to declare bearer negotiable instruments.”
Key among some of the provisions being proposed by Nandlall will also be the freezing of the funds of terrorists, terror groups or terrorist organizations designated as such by the Security Council of the United Nations.
According to the explanatory memorandum accompanying the proposed amendments, if enacted, the provisions will also provide several changes for a number of existing substantive laws, inclusive of the Gambling Prevention Act,  the Mutual Assistance in Criminal Matters Act, the Securities Industries Act, the Money Transfer Agencies (Licensing) Act and the Foreign Exchange as well as the Companies and Insurance Acts.