Latest update April 7th, 2026 12:30 AM
Berbice Chamber hosts workshop on Money Laundering and Counterfeit Detection
The Berbice Chamber of Commerce and Development Association (BCCDA) in collaboration with the Bank of Guyana hosted a seminar on Money Laundering and Counterfeit Detection at the Chamber’s Office in Chapel Street, New Amsterdam.
Participants at BCCDA/BOG Seminar in Berbice.
The seminar was conducted by Mr. Terry Stuart, Head of the Bank’s Security Department, while the Money Laundering presentation was done by Mrs. Irene Williams of the Bank’s Supervision Department.
The session was well attended by representatives from various banks, insurance companies, beverage companies, other public and private sector entities and individuals, among others.
According to a release from the Chamber “it has been noted with much concern the high circulation of counterfeit notes around the communities and this has been having a negative impact on businesses since it can cause unnecessary losses especially to businesses that operate night activities like clubs and restaurants.”
The Chamber in its release stated that, “while it may be digestible to say a $1,000 is here and there, and we can deal with the losses, it is worrying to think when the new $5,000 note comes on stream…whether businesses will be able to cushion such losses.”
The Chamber is urging that the authorities take urgent steps to improve the security features of currency notes, and is advising that the currency be printed on anti-fraud plastic bank notes to avoid forgery and counterfeiting.
Another concern expressed by the Chamber is the impact the introduction of the new note would cause on the economy in terms of inflation and driving up the cost of goods and services. According to the release, since the higher the value of the currency in a country the much more expensive the cost of living would be.
The release stated that “The Chamber at this time believes that energies should be directed towards forcing the economy to adopt a more plastic and electronic culture towards doing business as this will eliminate the walking around with cash and presents better tracking and record keeping of consumer spending and vendor transactions.”
The Chamber feels the Seminar on Money Laundering and Counterfeit was timely and expressed the hope that more such interventions should be done on a regular basis.
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