FATF Status

Guyana is no longer on the FATF List of Countries that have been identified as having strategic AML deficiencies

Latest FATF Statement - 21 October 2016

The FATF welcomes Guyana’s significant progress in improving its AML/CFT regime and notes that Guyana has established the legal and regulatory framework to meet its commitments in its action plan regarding the strategic deficiencies that the FATF had identified in October 2014. Guyana is therefore no longer subject to the FATF’s monitoring process under its on-going global AML/CFT compliance process. Guyana will work with CFATF as it continues to address the full range of AML/CFT issues identified in its mutual evaluation report.

Compliance with FATF Recommendations

It should be noted that the new style FATF Mutual Evaluation has not yet been undertaken.

The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Guyana was undertaken by the Financial Action Task Force (FATF) in 2011. According to that Evaluation, Guyana was deemed Compliant for 1 and Largely Compliant for 5 of the FATF 40 + 9 Recommendations. It was Partially Compliant or Non-Compliant for all 6 of the Core Recommendations.

Guyana has established laws to combat corruption, including the Integrity Commission Act and the State Assets Recovery Act, but enforcement remains weak, with slow prosecutions and limited investigative capabilities of the Integrity Commission. Corruption in public procurement is a significant concern, as highlighted by the Auditor General's reports of procedural violations and overpayments. Despite these challenges, Guyana has made some progress in oversight for large projects, yet it still scored 40 on Transparency International's 2023 Corruption Perceptions Index, indicating ongoing issues in the business environment.

Guyana has emerged as a significant oil-producing nation since 2019, leading to a remarkable GDP growth rate of 33 percent in 2023, positioning it among the fastest-growing economies globally. The country is expected to increase its oil production from over 600,000 barrels per day to more than 1.2 million by 2027, while also aiming to diversify its economy through investments in agriculture, energy, and manufacturing.

Guyana's investment climate is characterized by a strong openness to foreign direct investment (FDI), particularly in sectors such as agriculture, tourism, and renewable energy, facilitated by the Guyana Office for Investment (GOINVEST). The government has made efforts to streamline business registration processes and reduce bureaucratic hurdles, although challenges remain, including a confusing taxation system and slow public procurement processes. Additionally, the Local Content Act mandates significant local participation in the oil and gas sector, which may impact foreign investors' operations.