Guyana Country Summary

FATF Status

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

Latest FATF Statement - 21 October 2016

The FATF welcomes Guyana’s significant progress in improving its AML/CFT regime and notes that Guyana has established the legal and regulatory framework to meet its commitments in its action plan regarding the strategic deficiencies that the FATF had identified in October 2014. Guyana is therefore no longer subject to the FATF’s monitoring process under its on-going global AML/CFT compliance process. Guyana will work with CFATF as it continues to address the full range of AML/CFT issues identified in its mutual evaluation report.

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 with corruption and criminal activities, despite having laws aimed at combating these issues, such as the Integrity Commission Act and the State Assets Recovery Act. Corruption remains a public concern, with slow prosecutions and inefficiencies in public procurement processes highlighted by the Auditor General. Additionally, the country grapples with human trafficking, drug trafficking, and organized crime, compounded by weak governance and law enforcement, which hinder effective implementation of anti-corruption measures.

Guyana, located on South America's North Atlantic coast, has emerged as an oil-producing nation since 2019, leading to a remarkable GDP growth rate of 33 percent in 2023, positioning it among the fastest-growing economies globally. With a population of approximately 800,000, the country is set to significantly enhance its per capita wealth, driven by offshore oil production that currently exceeds 600,000 barrels per day and is projected to surpass 1.2 million barrels per day by 2027.

Guyana's investment climate is characterized by a strong openness to foreign direct investment (FDI), with the government actively promoting opportunities across various sectors, including agriculture, tourism, and renewable energy. The Guyana Office for Investment (GOINVEST) facilitates business registrations and tax concessions, although challenges such as a confusing taxation system and slow government processes persist. The Local Content Act mandates significant local participation in the oil and gas sector, which may impact foreign investors' operations.