AG meets with banking sector to address issues in implementing Condo Act, other recently passed laws

Attorney General and Minister of Legal Affairs Anil Nandlall on Wednesday met with members of the banking and financial sectors to address certain legislative and regulatory concerns within the sector.

The Attorney General was accompanied by his colleagues, Minister of Housing Collin Croal, Minister of Tourism, Industry and Commerce Susan Rodrigues, Finance Secretary Sukkrishnalall Pasha, Registrar of Commerce Reza Manraj, and Head of the Financial Intelligence Unit Matthew Langevine.
The meeting addressed crucial concerns raised by the banking sector in respect of implementing certain aspects of the Security Interests in Movable Property Act 2024, the Electronic Communications and Transactions Act (ECTA) 2023 and the Condominium Act 2022.
All of these pieces of legislation were passed within the last three years and are part of the Government’s aggressive legislative agenda to overhaul outdated laws and to bring new laws into conformity with the realities of modern banking and financial transactions.
These laws form an integral part of the Government’s deliberate agenda to promote ease of doing business in Guyana, given this country’s accelerated development trajectory.
This pace of development continues to occasion heavy, rapid local and foreign investments in the commercial, business, AML/CFT and infrastructural environments.
For these reasons, clarification was sought on, for example, the practical operationalisation of the Security Interests in Movable Property Act and stakeholder training thereunder; the use and acceptance of digital signatures under the ECTA in the execution of incorporation and other requisite banking documents; and the registration of mortgages for condominium units.
The clarifications sought were provided, and important timelines were agreed upon in respect of the full operationalisation of the Security Interests in Movable Property Act.
It was further agreed that guidelines will be disseminated to assist the banking sector with the registration of mortgages in respect of condominium units.
The Attorney General also reminded that while all financial institutions are to continue to operate within the realm of the AML/CFT Act and regulations, Guyana’s AML/CFT rating remains high based on the most recent mutual evaluation.
In this regard, the banking sector was encouraged to work towards ensuring that it continues to embrace the Government’s agenda of ease of doing business by utilising Supervision Guideline 13, which reduces the level of requirements for the establishment of a bank account.
As pointed out, ongoing reviews of the requirements are currently being undertaken, on the instructions of the Government, with the aim of further reducing the burden of doing business.
The meeting ended with commitments from both Government and the banking and financial sectors to strengthen dialogue and act upon gaps in legislation and the sector to ensure that the Government’s objective of ease of doing business in Guyana remains a crucial and achievable priority.
The meeting was also attended by high-level representatives of Republic Bank Guyana, Citizens Bank Guyana, Scotiabank Guyana, the Guyana Bank for Trade and Industry, New Building Society, Bank of Baroda, Demerara Bank and the Bank of Guyana.
This engagement was held as a follow-up to meetings held with President Dr Mohamed Irfaan Ali.