Guyana Government tables new legislation against money laundering and financing for terrorism – 23rd Apr 2013
The new piece of legislation, called the Anti-Money Laundering and Countering of the Financing for Terrorism Act, is intended to strengthen systems to combat money laundering, countering the financing of terrorism and specifically to meet the recommendations of the Financial Action Task Force.
The definition of ‘terrorist financing’ is being expanded to include funds whether from a legal or illegal source.
Clause 3 of the Act is amended to include among offences, assisting a person to escape to legal consequences of specified money laundering offences. Also, the fines for certain money laundering offences, from one million to five million dollars, are increased.
Clause 4 of the new Act includes telecommunication providers among the agencies from which the Financial Intelligence Unit may request information. It also authorizes the FIU to provide feedback to a greater number of reporting entities according to international best practices.
Clause 9 amends the Act by requiring reporting entities to ensure that their Anti Money Laundering and Countering the Financing for Terrorism compliance offices are equipped with adequate resources and independent personnel and that training is conducted on an on-going basis. It also requires reporting agencies to assess risks and manage them before launching new products, business practices and new technologies.
The Schedule of the Act includes amendments to the Gambling Prevention Act which is amended to require the Gaming Authority to assess persons involved with an applicant for a license under the Act on the basis of “fit and proper” criteria and have them certified by the Bank of Guyana following the criteria under the Financial Institutions act.