Mandate Under the AML/CFT Act

The Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act Chapter 10:11 was enacted by the Parliament of Guyana in 2009 and supersedes the Money Laundering (Prevention) Act 2000 (MLPA).

This Act identifies money laundering and the financing of terrorism as criminal offences and provides for the following:

  • Establishment and management of the Financial Intelligence Unit (FIU).
  • Unlawful proceeds of all serious offences to be identified, traced, frozen, seized and forfeited.
  • Comprehensive powers for the prosecution of money laundering,
    terrorist financing and other financial crimes.
  • Forfeiture of the proceeds of crime and terrorist property.
  • Reporting entities to take preventive measures to help combat money laundering and terrorist financing.
  • Civil forfeiture of assets and matters connected therewith

The AML/CFT Act was amended in 2010, 2015, 2016, 2017, 2018 and 2022.
Some key features of these Amendments are:

  • The amendment of the Guyana Gold Board Act Chapter 66:01 to include the AML ‘fit and proper’ criteria which would determine the qualification of an Applicant for the issuance of the Authorisation to Possess, Sell, or Export Gold under section 9 (1) of the Guyana Gold Board Act;
  • the inclusion of targeted financial sanctions against proliferation financing;
  • the establishment of a body to be known as the Anti-Money Laundering and Countering the Financing of Terrorism and Proliferation Financing National Co-ordination Committee (NCC).

These legislative measures, geared towards combating money laundering and the financing of terrorism, are reflective of international best practices, while having regard to the forty (40) Recommendations of the Financial Action Task Force (FATF) on money laundering and the financing of terrorism and proliferation of weapons of mass destruction, and the nineteen (19)
Recommendations of the Caribbean Financial Action Task Force (CFATF). At present, the GGB is legally appointed as Supervisory Authority for Licensed Gold Dealers (Dealers in Precious Metals) who have been designated as Reporting Entities under the AML/CFT Act 2009.

Reporting Entity

i. What is a Reporting Entity?
ii. Obligations as a Reporting Entity
iii. Sanctions for Non-Compliance

Supervisory Authority

i. What is a Supervisory Authority?
ii. Who we Supervise?
iii. Functions of the Supervisory Authority