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. The business environment is influenced by personal connections and potential conflicts of interest, as many public servants hold private sector jobs. Despite some improvements in oversight for large projects, concerns about inefficiencies and corruption in contract awards persist, reflected in a Transparency International Corruption Perceptions Index score of 40 out of 100.

Guyana's economy has experienced remarkable growth since becoming an oil-producing nation in 2019, with a GDP growth rate of 33 percent in 2023, positioning it among the fastest-growing economies globally. The country is set to significantly 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 increasingly favorable, particularly following its emergence as an oil-producing nation in 2019, which has significantly boosted its GDP growth. The government actively encourages foreign direct investment across various sectors, offering incentives and reducing business registration times, although challenges such as a complex taxation system and slow government processes persist. The Local Content Act mandates local hiring and sourcing in the oil sector, which has implications for foreign investors, but overall, the government is committed to creating a welcoming environment for international businesses.