Guyana passed with full support its long-awaited Anti-Money Laundering and Countering the Financing of Terrorism Bill. The bill which was tabled in 2007 took two years to revise to provide efficient oversight of the island’s export, insurance, real estate industries and alternative remittance systems.
The bill provides for the creation of a Financial Intelligence Unit, an independent body that will enforce the bill and investigate non-compliance. The bill also provides for legislation to freeze assets and proceeds from criminal actions and including money laundering.
Welcoming the bill's enactment Guyana’s Finance Minister Ashni Singh said:
“This Bill goes beyond the traditional pool of licensed financial institutions such as banks and provides for reporting entities to cover not only traditional licensed financial institutions but also insurance companies, money transfer agencies, cambios and credit unions among others. Mr Speaker, this Bill also provides for the establishment of supervisory authority over the various sectors where it might not currently exist.”
Guyana is currently carrying out reforms to enable the creation of an international finance centre in the jurisdiction.
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