Govt urges banks to drop outdated policies, expand access in push for financial inclusion

– Guyana’s compliance system strongest in region, yet citizens face stricter hurdles – Nandlall

Attorney General (AG) and Minister of Legal Affairs Anil Nandlall has called on the banking sector to urgently re-examine and modernise its practices, asserting that the system has imposed unnecessary barriers that stifle ease of access and discourage financial inclusion.

Speaking on the Starting Point podcast on Sunday, the AG expressed frustration that, despite Guyana’s record-high performance in regional anti-money laundering and counter-financing of terrorism (AML/CFT) compliance evaluations, citizens continue to face cumbersome procedures to open basic bank accounts.
He noted also that Guyana scored the highest among independent Caribbean states during the most recent mutual evaluation exercise conducted by the Caribbean Financial Action Task Force (CFATF).
“So how, on what basis, are you telling me that it is easier to open a bank account in one of those countries, where they have problems in Trinidad or Barbados, than in Guyana, when our system was certified to be far more compliant than theirs? It means that our system needs to do an introspection and rid itself of self-imposed obstacles that are no longer relevant,” Nandlall said pointedly.
The AG argued that this contradiction reveals a deeper systemic issue, rooted in what he described as “self-imposed obstacles” that have outlived their relevance.
Nandlall underscored that countries such as Jamaica, Barbados, and Trinidad and Tobago had, until recently, been under international review for AML/CFT deficiencies – yet they have since taken decisive corrective action.
“Only the other day, Jamaica, Barbados and Trinidad came out of a review process that they were in, meaning that they had serious problems. Only the other day they came out, and they had to hire international experts to guide them through this process. And yet I am told that to open an account in one of those countries is less burdensome. Something is wrong. So, as I said, we need to engage again with the banking sector. Anyhow, I don’t want to say it, but I think I have a feeling of what some of the problems are. And they are simple problems to address,” he said.
The AG said the Government, under President Dr Irfaan Ali, intends to intensify its engagement with the banking sector to address these issues and foster a more enabling financial environment.
“I hope that in my continuous engagement, because the President said, rightfully so, to continue to engage. Continue to engage because it is a constant process anyhow, on all different matters. So, we plan to do that. Government and all the important stakeholders. We have always engaged. We always have a track record of engagement. What it means now is that we have to intensify those engagements,” the Attorney General added.

Proper cash storage
According to Nandlall, the Administration is encouraging Guyanese to rely more on formal banking systems rather than informal cash storage, saying it is vital for both security and national development.
The AG reaffirmed the Government’s broader goal of aligning Guyana’s financial sector with international best practices while ensuring that compliance measures do not become counterproductive barriers to ordinary citizens.
“It’s about balance,” Nandlall concluded. “We can remain compliant and still make banking accessible, efficient, and people-centred.”
He pointed to initiatives such as the distribution of Government cash grants – often done via cheque – as a way to promote public engagement with banks and build confidence in the financial system.
“We want to move Guyanese away from putting money under your mattress or in a tin cup somewhere,” he said. “Let us use the banking sector… When citizens go to the bank to cash a cheque, that process itself begins to foster engagement. That’s how you move the country forward,” he explained.