Govt to strengthen laws to allow for forfeiture of assets, proceeds of crime

In an effort to enhance its legislative landscape to comply with the necessary Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements, the Guyana Government is strengthening its laws to allow for the forfeiture of assets and proceeds of criminal conduct.
This is according to Attorney General and Legal Affairs Minister Anil Nandlall, S.C.
During his weekly programme, Issues In The News, Nandlall explained that Government is constantly updating its AML/CFT framework in keeping with recommendations from the Financial Action Task Force (FATF) and its Caribbean arm, CFATF. On this note, he pointed out that Guyana has embarked on “tremendously” strengthening its legislative capabilities when it comes to the forfeiture of assets and proceeds of crimes.

“It (is) recognised now worldwide that one of the most effective ways of dealing with the criminal is to hit him in the pocket, or to hit them financially; and the way to do that is not only to convict and sentence, but to go after the proceeds of crime (and) go after the assets acquired from the criminal conduct. Our law was not strong as it should be in that regard,” the Legal Affairs Minister stated.
Nandlall disclosed that Guyana has sought help from the Regional Security Services (RSS) in the Caribbean and from the National Center for State Courts in the United States, as well as considered similar legislation in other regional countries in drafting its updated laws.
“We have a slew of amendments, that we are going to implement now, that will allow for forfeit of assets to take place and for proceeds of crime to be adequately provided for in law, so that we can enforce this aspect of crimefighting. Internationally, it has been very successful. If you’re able to dismantle the criminal empire, then you dismantle the criminal conduct; and that is where our laws are now going, and that is the type of enforcement that we will have to focus on in the next few years,” he posited.
According to the Minister, these and other amendments are ready, and will be tabled in the National Assembly soon.
Guyana is schedule to undergo an onsite evaluation and examination of its financial sector in September. In preparation therefor, the Government continues to work on ensuring that the country’s AML/CFT framework is updated. This includes implementing a number of administrative decisions and measures, as well as strengthening many aspects of its legislative architecture.

Compliance Commission
Another initiative aimed at addressing the gaps in Guyana’s financial sector in accordance with the AML/CFT stipulations is the establishment of a Compliance Commission, that will supervise the operations of agencies and/or sectors in the country that do not have a direct regulatory body.
To this end, Government will soon be tabling the Guyana Compliance Commission Bill 2023 in the National Assembly.
“In our AML/CFT structure, it has been recognised that there are agencies that have no regulator or supervisor… We have been forced to use other (state) agencies that are not really regulator or supervisor to perform these functions, and it has not been very effective. The system remains weak,” the Legal Affairs Minister noted.
One such agency is the Guyana Revenue Authority (GRA), which he said has been tasked with a number of administrative functions over other agencies/sectors that do not have that regulatory framework in place. For example, the auto sale industry does not have a direct regulatory body.
The GRA, which is the country’s taxation body and revenue collector, is required to issue certificates of registration but not regulate or supervise that sector. As such, Government will be establishing a Compliance Commission.
“We are going to set up a Compliance Commission, and wherever one cannot find a proper regulator or a proper supervisor for any given area of economic or financial activity, this Compliance Commission will act as the regulator and act as the supervisor. And that will make us compliant, fully, with international standards held by CFATF (Caribbean Financial Action Task Force) and the Financial Action Task Force (FATF). We are promulgating that bill to bring us into compliance, so that we cannot be faulted for not having such an apparatus within our AML/CFT framework,” AG Nandlall has posited.
Meanwhile, another critical element to Guyana’s fourth round of mutual evaluation by the CFATF and FATF is the enactment of a Real Estate Bill. The draft Real Estate Agents & Brokers Bill was prepared in consultation with the various stakeholders in the local real estate industry, and was published for public feedback.
According to Minister Nandlall, the Bill is current before Cabinet for approval before it is laid in the National Assembly. The local real estate sector has been identified as a risk if not properly monitored. Hence, Government moved to regularise the industry in compliance with AML/CFT requirements. (G8)