AG, bankers chart path to modernise financial laws

Oct 16, 2025 News

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— Major reforms coming to ease doing business

(Kaieteur News) – Attorney General and Minister of Legal Affairs, Anil Nandlall on Wednesday met with leaders from Guyana’s banking and finance sectors to iron out key legislative and regulatory issues impacting the industry, as government accelerates efforts to modernise the country’s legal and business framework.

The meeting, held as a follow-up to discussions led by President Dr. Mohamed Irfaan Ali, brought together senior government officials, including Housing Minister Collin Croal, Tourism, Industry and Commerce Minister Susan Rodrigues, Finance Secretary Sukkrishnalall Pasha, and representatives from the Financial Intelligence Unit and Registrar of Commerce.

According to the Ministry, deliberations centered on the implementation of three major pieces of modern legislation: the Security Interests in Movable Property Act (2024), the Electronic Communications and Transactions Act (2023), and the Condominium Act (2022). These laws are part of the government’s sweeping drive to replace outdated regulations and promote ease of doing business amid a surge in local and foreign investment.

Banking officials sought clarifications on operational details, including the use of digital signatures under the Electronic Transactions Act, registration of condominium mortgages, and the practical rollout of movable property security registrations. Clear timelines were set for full implementation, and the Attorney General’s Chambers committed to issuing guidelines to support banks in complying with the new laws.

Attorney General Nandlall reminded participants that Guyana’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) rating, remains high and urged the sector to use Supervision Guideline 13, which simplifies account-opening requirements to make banking more accessible and business-friendly.

He further noted that the government has ordered a comprehensive review of banking requirements to further reduce red tape and support rapid economic expansion. The meeting concluded with a joint commitment by the government and financial institutions to strengthen dialogue, close legislative gaps, and ensure smoother business operations in line with the President’s national agenda. Among the institutions represented were Republic Bank (Guyana), Citizens Bank, Scotiabank, GBTI, New Building Society, Bank of Baroda, Demerara Bank, and the Bank of Guyana.

Back in September President Ali had met with stakeholders from the financial sector at the Office of the President on Shiv Chanderpaul Drive. Discussions focused on modernising the banking sector to address ongoing concerns faced by citizens, and on plans to ensure commercial banks keep pace with the government in implementing digital transformation, the Office of the President had said in a brief statement. Six weeks from that time the stakeholder group was expected to present a report outlining what the financial sector requires to realise the President’s vision for a digital economy.

Additionally, only last week President announced that government will implement measures to encourage more citizens to open bank accounts. “We have to be able in the shortest time frame to ensure every Guyanese have a bank account,” the president said, noting,” even if the government must incentivise the opening up of those bank accounts.

He told the attendees at a business breakfast that a team, consisting of Cabinet members, including the Senior Minister within the Office of the President with Responsibility for Finance, Dr. Ashni Singh, is drafting a document that will aid in the modernisation of the financial sector. The president said that in three weeks, the report will be submitted and it will outline critical details on how the government can begin to take steps to further modernise the country’s banking sector. Options that will be examined include, “The creation of a modern stock exchange and options for capital mobilisation. Many people are speaking about diaspora bonds and all of this.”

President Ali re-emphasised that as the government moves to create a modern and diversified economy by 2030, it must be complemented by a modern financial system, one that is second to none. He noted that the government aims to foster a more inclusive financial system that will empower all Guyanese to access the system and to participate in saving and investment opportunities. To achieve this, the government intends to collaborate with commercial banks to expand banking services, including those in the hinterland, by simplifying the process of opening a bank account. Guyanese will also be able to apply for loans and process transactions online within the next five years.

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• Anil Nandlall, bankers, legal and business framework, modernise financial laws

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