Legal Mandate
Guyana’s framework for combating financial crime has progressively evolved to align with international standards established by the Financial Action Task Force (FATF) and other international and regional bodies. A significant milestone in this development was the enactment of the Anti-Money Laundering and Countering the Financing of Terrorism Act, No. 13 of 2009 (AML/CFT Act), as subsequently amended. The Act established a comprehensive legal and institutional framework for preventing, detecting and prosecuting money laundering, terrorist financing and related financial crimes.
The legislation strengthened Guyana’s regulatory and supervisory architecture by establishing obligations for Reporting Entities, providing for the supervision of designated sectors, and introducing measures relating to customer due diligence, record keeping, suspicious transaction reporting, targeted financial sanctions, internal controls and risk management. It also strengthened the capacity of competent authorities and law enforcement agencies to investigate, trace, restrain and recover assets associated with illicit activities.
Key Provisions of the AML/CFT Act
The AML/CFT Act, and its amendment provide robust legal tools and procedures, including:
Establishment and oversight of the Financial Intelligence Unit (FIU).
Creation of the AML/CFT/CPF National Coordination Committee (NCC) for policy direction, coordination, and implementation.
Criminalisation of money laundering, terrorist financing and proliferation financing
Powers for investigating and prosecuting money laundering (ML), terrorist financing (TF), and other serious offences.
Mechanisms to identify, trace, freeze, seize, and forfeit the proceeds of crime.
Legal provisions for both criminal and civil asset forfeiture.
Regulatory oversight through preventive measures for Reporting Entities.
Implementation of targeted financial sanctions to mitigate terrorism and proliferation financing risks.
Role of the Guyana Gold Board
As a designated Supervisory Authority under the AML/CFT Act, the Guyana Gold Board is responsible for overseeing compliance by Licensed Gold Dealers (Dealers in Precious Metals), who are recognised as Reporting Entities under the category of Designated Non-Financial Businesses and Professions (DNFBPs). GGB’s role as the supervisory authority for Dealers in Precious Metals include:
Monitoring the implementation of risk-based AML/CFT measures.
Ensuring effective customer due diligence (CDD) procedures are applied.
Overseeing transaction monitoring and the reporting of suspicious activities.
Supporting continuous compliance and alignment with the national AML/CFT framework.
Coordinating and cooperating with both national and international law enforcement agencies, competent authorities and other supervisory authorities.
