ATTORNEY GENERAL and Minister of Legal Affairs, Anil Nandlall, SC, has announced plans to reform Guyana’s Companies Act, citing the need to modernise the law to reflect major changes in the financial and commercial landscape over the past three decades.
Speaking on his weekly programme, Issues in the News, Nandlall said the current Companies Act, though “a very good piece of legislation,” is now outdated, having been enacted in 1995. He noted that the transformation of the global financial system since then requires Guyana to update its corporate laws to address emerging risks and comply with international standards.
“Our Companies Act, though a very good piece of legislation, is now 30 years old,” Nandlall said. “The financial world has transformed over the last three decades. And we need to update our legislation.”
According to the Attorney General, one of the key drivers behind the reform is the increasing use of corporate structures for illicit purposes, including money laundering. He stressed that Guyana’s laws must evolve to guard against such abuse and ensure stronger regulatory oversight.
“We have companies being used for illicit purposes, for the laundering of money, and our laws have to be updated to meet international standards,” he said. Nandlall disclosed that consultations on the proposed amendments to the Companies Act have already begun, involving the legal profession, the accounting profession, and the private sector.
He said the government intends to continue this consultative approach before final proposals are taken to Cabinet.
“Consultation has already begun with the legal profession, the accounting profession, as well as the private sector,” Nandlall said. “And the amendments will soon again be considered by Cabinet before we begin another round of consultation.”
The Attorney General placed the Companies Act reform within the broader framework of modernising Guyana’s legal and regulatory environment, particularly as the country’s economy expands and its financial sector becomes more sophisticated. In addition to reforms to the Companies Act, Nandlall said the government plans to introduce a Trust Act in 2026, noting that Guyana currently has no legislation governing trusts.
He explained that trusts are used for a variety of purposes, including commercial and personal arrangements, and are a key feature in financial centres such as the Eastern Caribbean, the Cayman Islands, the Bahamas and Anguilla.
With Guyana’s economy expanding and its financial sector becoming more sophisticated, he said a Trust Act is necessary to protect the financial system. Nandlall added that the Financial Action Task Force has already identified the absence of a trust law as a “critical deficiency” that must be addressed urgently.