Laundering clampdown: GRA halts cash transactions over $2M

Sep 01, 2017 News

The Guyana Revenue Authority (GRA) is tightening up on money laundering, yesterday

GRA’s Commissioner-General, Godfrey Statia

announcing that it is halting all cash transactions over $2M at its offices.
The measure is being introduced to also reduce the security risk, GRA announced.
In a notice on social media, the tax collection agency explained that the decision has to do with security as well as tough new anti-money laundering laws.
“This decision has been taken both in context of the security risk such cash transactions pose on both the agency and the public, as well as Section 12 (3) of the Anti-Money Laundering and Countering the Financing of Terrorism Regulations.”
GRA’s Commissioner-General, Godfrey Statia, said that in the new arrangements, any payments exceeding $2M should be made via cheques or other electronic payment options.
The measures would not come as a surprise, as several financial agencies are introducing tougher systems to ensure dirty money does not pollute the system.
Last year, the Coalition Government passed law changes to anti-money laundering regulations, increasing more monitoring, reporting and sanctions for companies and individuals that are involved in money laundering.
Institutions like banks, insurance companies, cambios and pawnbrokeries, are bound to

GRA has halted accepting cash over $2M, citing security risks and tougher anti-money laundering laws now in place.

report suspicious transactions to the regulator – the Financial Intelligence Unit (FIU), which probes money laundering. There have been deep suspicions, with few prosecutions, that a number of businesses have been using the financial systems to wash dirty money.
With regard to the security risks, there have been several reports of persons being robbed just before or after transacting business with GRA. With cash transactions normal, the situation has been a major thorn in the side for GRA for some time now. It would mirror complaints of persons being trailed from the banks and robbed.

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