Money laundering has for a number of years been an issue in Guyana. For too long counterfeiters have slipped past the radar and have leaked their “dirty” currency into the economy. Because of this, not only has the economy of the country suffered to some extent but it has been in the top of the list of high risk countries. As such, the Government of Guyana began working on putting measures in place to counter this scourge. This came in the form of the Anti-Money Laundering Bill. Though this was met with some hurdles, it was ultimately approved and strict measures are currently being put in place to deal with offenders and track streams of counterfeited currency.
Local financial institutions are continuing to tighten their systems so as to ensure that no counterfeit money is allowed through and this is beginning to bear fruits. As of yesterday, the US Department of the Treasury released its latest advisory on the Financial Action task Force (FATF), identifying jurisdictions with Anti-Money Laundering/ Combating the Financing of Terrorism deficiencies and stated that the status of Guyana on teh watchlist has changed for the better.
Guyana has officially been removed from the FATF listing and monitoring process due to its significant progress in establishing the legal and regulatory framework to address all or nearly all of its strategic AML/ CFT deficiencies on a technical level. This jurisdiction will work with its FATF- style regional bodies as it continue to address the full range of AML/ CFT issues identified as part of the mutual evaluation process.
Being removed from the FATF global watch list is a great accomplishment in not only the international but also the local fight against financial crimes and terrorism.
