GUYANA’s Anti-Money Laundering/Combatting the Financing of Terrorism (AML/CFT) measures are essential for the country’s economic and financial stability. Money laundering and financing of terrorism are serious crimes that can cause harm to both the country’s financial system and its citizens. Guyana has made significant progress in implementing AML/CFT measures in recent years.

The Government of Guyana has demonstrated a commitment to combatting money laundering and the financing of terrorism. The Anti-Money Laundering and Countering the Financing of Terrorism Act provides a framework for the prevention, detection, and prosecution for money laundering and terrorism financing activities. This law requires financial institutions, including banks, money transfer services, and insurance companies to have AML/CFT programmes in place to prevent and detect these crimes.

The Financial Intelligence Unit (FIU) of Guyana is responsible for implementing and enforcing AML/CFT measures. The FIU has made significant strides in recent years, including the establishment of a risk assessment methodology and the creation of an online reporting system for suspicious financial activities. The FIU has also increased its collaboration with international AML/CFT agencies to improve the effectiveness of its efforts.

Recently, the Attorney General (AG) and Minister of Legal Affairs, Mohabir Anil Nandlall, met with a visiting delegation from the Regional Security System (RSS) Asset Recovery Unit (ARU) at the Attorney General Chambers.

Guyana signed on with the RSS in March 2022 at the 33rd Inter-sessional meeting of Caribbean Community (CARICOM) Heads in Belize.

“Currently, we are drafting legislation which we are to enact speedily before the commencement of our mutual evaluation later this year. Your intervention, therefore, is not only most welcomed but it could not have been better timed. Certainly, we will accept your guidance and incorporate it in our legislative and other endeavours. “We will also take advantage of your offer for capacity building at every level including at the investigative, prosecuting and adjudicative levels. We are prepared to partner with you in organising workshops to build capacity in the important agencies which form part of our AML/CFT infrastructure,” the Attorney General told the visiting delegation.

Guyana signed on with the RSS in March 2022 at the 33rd Inter-sessional meeting of Caribbean Community (CARICOM) Heads in Belize.

The Instrument of Accession for the Treaty Establishing the Regional Security System, making Guyana a member of the regional body, was later signed in September 2022. Guyana is also part of the RSS Asset Recovery Inter-Agency Network of the Caribbean (ARIN-CARIB) eight-member steering group that administers that operational arm.

The RSS ARU is a regional unit established to combat serious organised crime in the Caribbean common law jurisdictions, through partnership and the robust application of proceeds of crime and money-laundering legislation.

Currently, this unit is seen as the centre of excellence in the Eastern Caribbean in combatting serious organised crime, money laundering and the recovery of criminal assets. It commenced in November 2015, taking over from the highly successful Eastern Caribbean Financial Investigations Advisory Team (ECFIAT) and Caribbean Criminal Assets Recovery Programme (CCARP).
Based in Barbados, it covers the eight RSS Member States, namely Antigua & Barbuda, Barbados, Dominica, Grenada, Guyana, St Kitts & Nevis, St Lucia and St Vincent & the Grenadines. The team also provides wider regional support to include key transit countries such as Trinidad and Tobago and the overseas territories of the United Kingdom.

The government is currently focusing on the enforcement of AML/CFT regulations and in ensuring that all financial institutions comply with AML/CFT regulations and that violators are prosecuted to the fullest extent of the law.

There have also been increased public awareness campaigns to educate citizens on the dangers of money laundering and financing of terrorism.

Further, there is an oversight of non-financial sectors, such as real estate and the gaming industry since these sectors are known to be vulnerable to money laundering activities and the government is taking steps to ensure that they are adequately regulated and monitored.

Guyana’s AML/CFT measures are crucial for maintaining the country’s economic and financial stability. The government has taken significant steps to implement AML/CFT regulations and improve the effectiveness of its efforts.

The government is vigilant in its efforts to combat money laundering and financing of terrorism, and ensure that all citizens and institutions are aware of the dangers of these crimes.