Guyana Country Summary

FATF Status

Guyana is no longer on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Guyana was undertaken in 2024. According to that Evaluation, Guyana was deemed Compliant for 18 and Largely Compliant for 17 of the FATF 40 Recommendations. It was deemed Highly Effective for 0 and Substantially Effective for 2 of the Effectiveness ratings.

Guyana faces significant challenges related to crime and corruption, with issues such as human trafficking, drug trafficking, and financial crimes being prevalent. Despite having laws in place to combat corruption and organized crime, the implementation and enforcement of these regulations are hindered by a lack of resources, capacity, and public trust in law enforcement and judicial institutions.

Guyana's economy has experienced remarkable growth since becoming an oil-producing nation in 2019, with a staggering GDP growth rate of 43.6 percent projected for 2024, positioning it among the fastest-growing economies globally. The country is heavily reliant on its offshore oil production, currently exceeding 650,000 barrels per day, with plans to increase this to 1.3 million barrels per day by 2027, while also seeking to diversify its economy through investments in agriculture, manufacturing, and tourism. Despite these advancements, challenges remain, including a complicated taxation system, bureaucratic inefficiencies, and security concerns, which the government is addressing through various initiatives aimed at improving the business environment and attracting foreign direct investment.