Latest update April 11th, 2025 9:20 AM
Caribbean bankers urge Guyana to pass anti-money laundering laws
The Caribbean Association of Banks (CAB) is calling on Guyana to urgently pass its Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Amendment Bill.
Caribbean bankers have urged Guyana to pass critical anti-money laundering legislations.
In a statement, the body said that it recognizes the Guyana Government’s efforts to put in place alternative measures to address the technical deficiencies in its existing legal and financial legislative framework for assessment by the Financial Action Task Force (FATF) and applauds them.
But CAB warned that it is one small step in actions required by Guyana in order for it to comply with international standards.
“The passage of the AML Bill is not only about Guyana, but also about the international financial sector as a whole in order to protect all financial systems within the region, from ongoing money laundering and terrorist financing risks. We are only as strong as our weakest link,” said CAB’s Chairman, Carlton Barclay.
Billions of dollars are laundered each year posing significant policy concerns for governments worldwide. As a result, Governments and international bodies have undertaken efforts to deter, prevent, and apprehend money launderers.
Non-compliance with the global FATF recommendations will have a significant impact on Correspondent Banking Relationships which, in turn, is of vital importance to the facilitation of business in the financial services sector of the region.
“Guyana’s expediency in passing the AML/CFT Bill will not only benefit its own economy and growth, but strengthen our regional financial network and its reputation worldwide.”
CAB is a community of banks and other financial institutions in the Caribbean/CARICOM Region, which provides opportunities for discussion on issues impacting the regional banking/financial services community as well as for the sharing of experiences and networking.
“CAB is an organization dedicated to the advocacy of national and institutional adherence to AML/CFT. It recommends and supports full compliance with the AML/CFT standards in order to protect all financial systems, within the region, from ongoing money laundering and terrorist financing risks offering ongoing training and education for its members.”
Since last year, Guyana has been attempting to pass the legislations, which are part of a raft of measures to ensure the country complies with international requirements and prevent dirty money from entering the banking systems.
However, the legislations are held up in a Parliamentary committee.
The regional regulatory body, Caribbean Financial Action Task Force (CFATF), last year, during its periodical review of Guyana’s steps, warned its member states to take actions to protect themselves from risks emanating from Guyana.
Banks, money transfers and businesses have all been reporting a delay in processing transactions as more checks are made.
Guyana conducts significant business within the Caribbean region.
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