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, human trafficking, and organized crime, despite having laws in place to combat these issues. The Integrity Commission, responsible for overseeing public officials' asset declarations, lacks the authority to investigate corruption effectively, leading to public dissatisfaction. Additionally, the country struggles with various forms of illicit trade, including drug trafficking and arms smuggling, while its judicial system is hindered by corruption and resource limitations.

Guyana's economy has experienced remarkable growth, registering a GDP growth rate of 33 percent in 2023, largely driven by its burgeoning oil production, which began in 2019 and is expected to exceed 1.2 million barrels per day by 2027. Despite this rapid expansion, the stock market capitalization has faced a decline of 12.6 percent year-on-year, highlighting challenges in the financial sector. The government is actively seeking to diversify the economy beyond oil by investing in agriculture, energy, and technology, while also addressing issues such as slow bureaucratic processes and a confusing taxation system.

Guyana's investment climate is characterized by a strong openness to foreign direct investment (FDI), particularly in sectors such as agriculture, tourism, and renewable energy, facilitated by the Guyana Office for Investment (GOINVEST). Despite the government's efforts to streamline business registration and provide incentives, challenges such as a confusing taxation system and slow government processes persist, which can hinder investment. The Local Content Act mandates significant local participation in the oil and gas sector, creating both opportunities and complexities for foreign investors.