THE Financial Intelligence Unit (FIU) has dismissed as “grossly inaccurate and mischievous,” recent statements made by the political group VPAC regarding data published in the FIU’s 2024 Annual Report.
In a strongly worded release on Monday, the agency said VPAC’s leader appeared not to have read or properly interpreted the report, which was tabled in the National Assembly on 3 November by Senior Minister in the Office of the President with responsibility for Finance.
At the centre of the dispute are Threshold Transaction Reports (TTRs), which are detailed on pages 18 and 19 of the report. The FIU noted that TTRs record financial transactions “that meet or exceed legally specified monetary thresholds,” as prescribed under Guyana’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) legislation.
The agency stressed that for auto dealers specifically, reporting entities are mandated to file a TTR for any transaction of G$2 million or more. Given that most used and reconditioned vehicles fall above that price point, the FIU said the high volume of TTRs is expected and reflects normal business activity.
“These transactions on their own are not deemed to be suspicious, just for being reported to the FIU,” the agency said, adding that TTRs are primarily used for strategic and operational analysis when needed. The FIU noted that a 26 per cent increase in auto-related TTRs aligns with the “tremendous year-over-year growth” in motor vehicle sales and registrations nationwide.
The unit also underscored that the Annual Report presents distinct statistics for Suspicious Transaction Reports (STRs), which are filed when reporting entities have reasonable grounds to believe that a transaction may be linked to criminal proceeds, money laundering, terrorism or terrorist financing. These are outlined separately on pages 17 and 18 of the report.
The FIU urged members of the public to review the document themselves to avoid “misinterpretations, erroneous conclusions and gross misinformation,” insisting that its data had been taken out of context by VPAC.
The full 2024 Annual Report is available on the FIU’s website.