• Government and financial institutions commit to strengthening dialogue and ease of doing business

ATTORNEY GENERAL and Minister of Legal Affairs, Mohabir Anil Nandlall SC, met with members of the banking and finance sectors on Wednesday to discuss legislative and regulatory issues affecting the industry.

The meeting followed earlier discussions with President Dr. Mohamed Irfaan Ali and included senior officials from the Ministries of Housing and Tourism, Industry and Commerce, as well as representatives from the Financial Intelligence Unit, Registrar of Commerce, and the Finance Ministry.

The discussions focused on the implementation of recent legislation aimed at modernising financial and commercial practices, including the Security Interests in Movable Property Act 2024, the Electronic Communications and Transactions Act (ECTA) 2023, and the Condominium Act 2022.

These laws are part of the government’s agenda to update outdated legislation and align regulations with contemporary banking and business practices, supporting ease of doing business amid Guyana’s accelerated development and growing local and foreign investment.

During the meeting, the banking sector sought clarifications on practical aspects of these laws, including: Operationalising the Security Interests in Movable Property Act, including stakeholder training; Use and acceptance of digital signatures under the ECTA for incorporation and other banking documents; and Registration of mortgages for condominium units.

The Attorney General provided the requested clarifications and established timelines for full operationalisation of the Security Interests in Movable Property Act. Guidelines will also be issued to assist the sector with mortgage registrations for condominium units.

“While all financial institutions must continue to operate within the AML/CFT framework, Guyana’s rating remains high, and the banking sector is encouraged to support the Government’s agenda for ease of doing business by utilising Supervision Guideline 13, which reduces requirements for establishing bank accounts,” Nandlall said.

Representatives from leading financial institutions, including Republic Bank Guyana, Citizens Bank Guyana, Scotiabank Guyana, the Guyana Bank for Trade and Industry, New Building Society, Bank of Baroda, Demerara Bank, and the Bank of Guyana, attended the meeting.

The meeting concluded with a mutual commitment from both government and financial sector stakeholders to maintain dialogue and address legislative gaps, ensuring that ease of doing business remains a key priority championed by the President.