|
|
Sanctions:
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists:
Information unavailable.
____________________________________________________
US State Department Money Laundering Report - 2011:
Guyana is neither an important regional nor an offshore financial
center, nor does it have any free trade zones. Money laundering
is perceived as an increasingly serious problem and has been
linked to narcotics (principally cocaine), and possibly firearms
transshipments between Latin America, Europe, and North
America. Guyanese media routinely link high-level public officials
to trafficking and money laundering operations. Corruption and
fraud are also problems. Guyana’s informal cash-based economy
appears to involve significant amounts of contraband goods and
narcotics. Proceeds from contraband are laundered primarily
through non-bank money-transfer operations. Additionally, large
sums of cash are being taken out of the country. Not only does
this cash out-flow come from illegal activity, but also from
legitimate businesses seeking to avoid taxes and the restrictions
and costs of banks. The Government of Guyana made one arrest
and prosecution for money laundering in 2010, compared to none
in 2009.
DO FINANCIAL INSTITUTIONS ENGAGE IN CURRENCY
TRANSACTIONS RELATED TO INTERNATIONAL NARCOTICS
TRAFFICKING THAT INCLUDE SIGNIFICANT AMOUNTS OF US
CURRENCY; CURRENCY DERIVED FROM ILLEGAL SALES IN
THE U.S.; OR THAT OTHERWISE SIGNIFICANTLY AFFECT THE
U.S.: NO
CRIMINALIZATION OF MONEY LAUNDERING:
“All serious crimes” approach or “list” approach to predicate
crimes: All serious crimes
Legal persons covered: criminally: YES civilly: YES
CRIMINALIZATION OF TERRORIST FINANCING:
Ability to freeze terrorist assets without delay: YES
UN lists of designated terrorists or terrorist entities distributed to
financial institutions: YES
KNOW-YOUR-CUSTOMER RULES:
Covered entities: Depository institutions; lending institutions;
financial leasing entities; money transfer services; money
exchangers; pawn brokers; credit issuers; guarantors; traders of
foreign exchange, futures, options and securities; underwriters;
financial advisers; money brokers; credit unions; portfolio
managers; administrators of securities; gaming centers and
lotteries; insurance entities; venture risk capital; trusts or
company service providers; legal professionals; real estate
agents; dealers in precious metal and stones; and registered
charities
Enhanced due diligence procedures for PEPs: Foreign: YES
Domestic: YES
SUSPICIOUS TRANSACTION REPORTING REQUIREMENTS:
Covered entities: Depository institutions; lending institutions;
financial leasing entities; money transfer services; money
exchangers; pawn brokers; credit issuers; guarantors; traders of
foreign exchange, futures, options and securities; underwriters;
financial advisers; money brokers; credit unions; portfolio
managers; administrators of securities; gaming centers and
lotteries; insurance entities; venture risk capital; trusts or
company service providers; legal professionals; real estate
agents; dealers in precious metal and stones; and registered
charities
Number of STRs received and time frame: Not available
Number of CTRs received and time frame: Not available
MONEY LAUNDERING CRIMINAL
PROSECUTIONS/CONVICTIONS:
Prosecutions: One in 2010
Convictions: One in 2010
Assets forfeited: criminally: 0 in 2010 civilly: 0 in 2010
RECORDS EXCHANGE MECHANISM:
With U.S.: NO
With other governments/jurisdictions: YES
Guyana is a member of the Caribbean Financial Action Task
Force (CFATF), a Financial Action Task Force (FATF)-style
regional body. Its most recent mutual evaluation can be found
here: http://www.cfatf-gafic.org/reports-a-documents/cat_view/22-
english/23-annual-reports.html
ENFORCEMENT AND IMPLEMENTATION ISSUES AND
COMMENTS:
Implementation of the 2007 Anti-Money Laundering and
Countering the Financing of Terrorism legislation (enacted in
2009) continues at a slow and steady pace. The legislation and
accompanying regulations (issued in September 2010) provide for
an expanded financial intelligence unit (FIU) and law enforcement
authority in order to fight money laundering and terrorist financing.
The Government of Guyana (GOG) is highly centralized and
hierarchical; most significant decisions require presidential
approval. This discourages individual initiative and the exercise of
individual discretion. Consequently, the progress of projects can
be frustratingly slow. Thus awareness and understanding of the
anti-money laundering regime and the anti-money
laundering/counter-terrorist financing (AML/CFT) law are limited.
Agencies with capacity to investigate money laundering cases
tend to pass such matters on to the FIU for handling. These
agencies do not understand the FIU’s role, or how to investigate
AML/CFT crimes. Further, there is an overall lack of awareness of
the provisions of the law – and the importance of combating
money laundering, in general. The judicial system is insufficiently
prepared for money laundering enforcement; the United Kingdom
provided assistance in the only AML/CFT prosecution. GOG
officials have expressed a desire to increase the capacity and
effectiveness of their anti-money laundering regime.
____________________________________________________
US State Dept Narcotics Report 2012 (introduction):
Guyana continues to be a transit country for cocaine destined for
the United States, Canada, the Caribbean, Europe and West
Africa. Cocaine originating in Colombia is smuggled to Venezuela
and onward to Guyana by sea (fishing vessels, bulk cargo vessels
and tug vessels) or air. Because of Guyana’s porous borders,
smuggling is also conducted by land from Brazil and Suriname
into Guyana. Once cocaine arrives in Guyana, it is often
concealed in legitimate commodities and smuggled via commercial
maritime vessels, air shipments, human couriers, or the postal
services.
Guyana has seen its political and judicial infrastructure impacted
by narco-influence, while its economy has become increasingly
affected by narco-dollars. Drug trafficking organizations based in
Guyana are beginning to use neighboring Suriname as a major
distribution hub. The cocaine is smuggled into Guyana and then
transported to Suriname for safekeeping and distribution. In these
instances, Suriname is used as a stash location and distribution
country for drugs entering Guyana. In other cases, drugs depart
directly from Guyana.
Both locally grown and imported marijuana (usually from Jamaica,
St. Vincent and the Grenadines, and Venezuela) is mostly used
for domestic consumption and is the most commonly abused drug
in Guyana, followed closely by cocaine. Marijuana is sold and
consumed openly in Guyana despite frequent arrests for
possession. Ecstasy/MDMA is becoming more prominent,
although availability and use is still low. Drug abuse treatment in
Guyana is hindered by insufficient government funding and a lack
of public awareness.
Guyana is a party to the 1988 UN Drug Convention.
For Full report, click here
____________________________________________________
US State Dept Trafficking in Persons Report 2011
(introduction):
(Tier 2)
Guyana is a source and destination country for men, women, and
children subjected to sex trafficking and forced labor. Identified
cases of human trafficking within the country during this reporting
period generally involved women and girls in forced prostitution.
Guyanese nationals have been subjected to forced prostitution
and forced labor in other countries in the region. People in
domestic service in Guyana are vulnerable to human trafficking,
and instances of the common Guyanese practice of poor, rural
families sending children to live with higher-income family
members or acquaintances in more populated areas sometimes
transforms into domestic servitude. Other groups particularly
vulnerable to human trafficking in Guyana include women in
prostitution, children working in hazardous conditions, and foreign
workers. Guyanese from rural, economically depressed areas are
particularly vulnerable to trafficking in mining areas and urban
centers. Trafficking victims in Guyana face disincentives to self-
identify to authorities due to fear of retribution from trafficking
offenders, fear of resettlement to abusive home situations, fear of
arrest, and lack of awareness that human trafficking is a crime.
The Government of Guyana does not fully comply with the
minimum standards for the elimination of trafficking; however, it is
making significant efforts to do so. Officials achieved an important
milestone during the year — the first conviction of a trafficking
offender — and there was new information that some public
servants, including mining officials, made efforts to try to rescue
potential victims. Continued rhetoric from higher levels of the
government minimizing the potential scope of human trafficking,
poor results in the area of victim protection, and lack of action
against official complicity of human trafficking are major obstacles
to future progress.
For full report click here
____________________________________________________
US State Dept Terrorism Report 2009
No report available
____________________________________________________
Links:
Worldwide AML Legislation (International Bar Association)
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists:
Information unavailable.
____________________________________________________
US State Department Money Laundering Report - 2011:
Guyana is neither an important regional nor an offshore financial
center, nor does it have any free trade zones. Money laundering
is perceived as an increasingly serious problem and has been
linked to narcotics (principally cocaine), and possibly firearms
transshipments between Latin America, Europe, and North
America. Guyanese media routinely link high-level public officials
to trafficking and money laundering operations. Corruption and
fraud are also problems. Guyana’s informal cash-based economy
appears to involve significant amounts of contraband goods and
narcotics. Proceeds from contraband are laundered primarily
through non-bank money-transfer operations. Additionally, large
sums of cash are being taken out of the country. Not only does
this cash out-flow come from illegal activity, but also from
legitimate businesses seeking to avoid taxes and the restrictions
and costs of banks. The Government of Guyana made one arrest
and prosecution for money laundering in 2010, compared to none
in 2009.
DO FINANCIAL INSTITUTIONS ENGAGE IN CURRENCY
TRANSACTIONS RELATED TO INTERNATIONAL NARCOTICS
TRAFFICKING THAT INCLUDE SIGNIFICANT AMOUNTS OF US
CURRENCY; CURRENCY DERIVED FROM ILLEGAL SALES IN
THE U.S.; OR THAT OTHERWISE SIGNIFICANTLY AFFECT THE
U.S.: NO
CRIMINALIZATION OF MONEY LAUNDERING:
“All serious crimes” approach or “list” approach to predicate
crimes: All serious crimes
Legal persons covered: criminally: YES civilly: YES
CRIMINALIZATION OF TERRORIST FINANCING:
Ability to freeze terrorist assets without delay: YES
UN lists of designated terrorists or terrorist entities distributed to
financial institutions: YES
KNOW-YOUR-CUSTOMER RULES:
Covered entities: Depository institutions; lending institutions;
financial leasing entities; money transfer services; money
exchangers; pawn brokers; credit issuers; guarantors; traders of
foreign exchange, futures, options and securities; underwriters;
financial advisers; money brokers; credit unions; portfolio
managers; administrators of securities; gaming centers and
lotteries; insurance entities; venture risk capital; trusts or
company service providers; legal professionals; real estate
agents; dealers in precious metal and stones; and registered
charities
Enhanced due diligence procedures for PEPs: Foreign: YES
Domestic: YES
SUSPICIOUS TRANSACTION REPORTING REQUIREMENTS:
Covered entities: Depository institutions; lending institutions;
financial leasing entities; money transfer services; money
exchangers; pawn brokers; credit issuers; guarantors; traders of
foreign exchange, futures, options and securities; underwriters;
financial advisers; money brokers; credit unions; portfolio
managers; administrators of securities; gaming centers and
lotteries; insurance entities; venture risk capital; trusts or
company service providers; legal professionals; real estate
agents; dealers in precious metal and stones; and registered
charities
Number of STRs received and time frame: Not available
Number of CTRs received and time frame: Not available
MONEY LAUNDERING CRIMINAL
PROSECUTIONS/CONVICTIONS:
Prosecutions: One in 2010
Convictions: One in 2010
Assets forfeited: criminally: 0 in 2010 civilly: 0 in 2010
RECORDS EXCHANGE MECHANISM:
With U.S.: NO
With other governments/jurisdictions: YES
Guyana is a member of the Caribbean Financial Action Task
Force (CFATF), a Financial Action Task Force (FATF)-style
regional body. Its most recent mutual evaluation can be found
here: http://www.cfatf-gafic.org/reports-a-documents/cat_view/22-
english/23-annual-reports.html
ENFORCEMENT AND IMPLEMENTATION ISSUES AND
COMMENTS:
Implementation of the 2007 Anti-Money Laundering and
Countering the Financing of Terrorism legislation (enacted in
2009) continues at a slow and steady pace. The legislation and
accompanying regulations (issued in September 2010) provide for
an expanded financial intelligence unit (FIU) and law enforcement
authority in order to fight money laundering and terrorist financing.
The Government of Guyana (GOG) is highly centralized and
hierarchical; most significant decisions require presidential
approval. This discourages individual initiative and the exercise of
individual discretion. Consequently, the progress of projects can
be frustratingly slow. Thus awareness and understanding of the
anti-money laundering regime and the anti-money
laundering/counter-terrorist financing (AML/CFT) law are limited.
Agencies with capacity to investigate money laundering cases
tend to pass such matters on to the FIU for handling. These
agencies do not understand the FIU’s role, or how to investigate
AML/CFT crimes. Further, there is an overall lack of awareness of
the provisions of the law – and the importance of combating
money laundering, in general. The judicial system is insufficiently
prepared for money laundering enforcement; the United Kingdom
provided assistance in the only AML/CFT prosecution. GOG
officials have expressed a desire to increase the capacity and
effectiveness of their anti-money laundering regime.
____________________________________________________
US State Dept Narcotics Report 2012 (introduction):
Guyana continues to be a transit country for cocaine destined for
the United States, Canada, the Caribbean, Europe and West
Africa. Cocaine originating in Colombia is smuggled to Venezuela
and onward to Guyana by sea (fishing vessels, bulk cargo vessels
and tug vessels) or air. Because of Guyana’s porous borders,
smuggling is also conducted by land from Brazil and Suriname
into Guyana. Once cocaine arrives in Guyana, it is often
concealed in legitimate commodities and smuggled via commercial
maritime vessels, air shipments, human couriers, or the postal
services.
Guyana has seen its political and judicial infrastructure impacted
by narco-influence, while its economy has become increasingly
affected by narco-dollars. Drug trafficking organizations based in
Guyana are beginning to use neighboring Suriname as a major
distribution hub. The cocaine is smuggled into Guyana and then
transported to Suriname for safekeeping and distribution. In these
instances, Suriname is used as a stash location and distribution
country for drugs entering Guyana. In other cases, drugs depart
directly from Guyana.
Both locally grown and imported marijuana (usually from Jamaica,
St. Vincent and the Grenadines, and Venezuela) is mostly used
for domestic consumption and is the most commonly abused drug
in Guyana, followed closely by cocaine. Marijuana is sold and
consumed openly in Guyana despite frequent arrests for
possession. Ecstasy/MDMA is becoming more prominent,
although availability and use is still low. Drug abuse treatment in
Guyana is hindered by insufficient government funding and a lack
of public awareness.
Guyana is a party to the 1988 UN Drug Convention.
For Full report, click here
____________________________________________________
US State Dept Trafficking in Persons Report 2011
(introduction):
(Tier 2)
Guyana is a source and destination country for men, women, and
children subjected to sex trafficking and forced labor. Identified
cases of human trafficking within the country during this reporting
period generally involved women and girls in forced prostitution.
Guyanese nationals have been subjected to forced prostitution
and forced labor in other countries in the region. People in
domestic service in Guyana are vulnerable to human trafficking,
and instances of the common Guyanese practice of poor, rural
families sending children to live with higher-income family
members or acquaintances in more populated areas sometimes
transforms into domestic servitude. Other groups particularly
vulnerable to human trafficking in Guyana include women in
prostitution, children working in hazardous conditions, and foreign
workers. Guyanese from rural, economically depressed areas are
particularly vulnerable to trafficking in mining areas and urban
centers. Trafficking victims in Guyana face disincentives to self-
identify to authorities due to fear of retribution from trafficking
offenders, fear of resettlement to abusive home situations, fear of
arrest, and lack of awareness that human trafficking is a crime.
The Government of Guyana does not fully comply with the
minimum standards for the elimination of trafficking; however, it is
making significant efforts to do so. Officials achieved an important
milestone during the year — the first conviction of a trafficking
offender — and there was new information that some public
servants, including mining officials, made efforts to try to rescue
potential victims. Continued rhetoric from higher levels of the
government minimizing the potential scope of human trafficking,
poor results in the area of victim protection, and lack of action
against official complicity of human trafficking are major obstacles
to future progress.
For full report click here
____________________________________________________
US State Dept Terrorism Report 2009
No report available
____________________________________________________
Links:
Worldwide AML Legislation (International Bar Association)
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| GUYANA |
| KnowYourCountry |
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*Please note that FATF deems that a country has significant aml deficiencies if
any of the 'Core' Recommendations, R1, R5, R10, R13, SRII, or SRIV are rated
either Partially of Non-Compliant. These are marked in red.
For FATF to remove a country from the regular follow-up process, it has to be rated
Compliant or Largely Compliant in the above mentioned Core Recommendations
and the following Key Recommendations: -
R3, R4, R23, R26, R35, R36, R40, SRI, SRIII, SRV
Please also note that any risk assessment should take into consideration all
follow-up reports.
any of the 'Core' Recommendations, R1, R5, R10, R13, SRII, or SRIV are rated
either Partially of Non-Compliant. These are marked in red.
For FATF to remove a country from the regular follow-up process, it has to be rated
Compliant or Largely Compliant in the above mentioned Core Recommendations
and the following Key Recommendations: -
R3, R4, R23, R26, R35, R36, R40, SRI, SRIII, SRV
Please also note that any risk assessment should take into consideration all
follow-up reports.
|
| Further Tables |
| Last Updated: 16 April 2012 |