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

The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Guyana was undertaken in 2024. According to that Evaluation, Guyana was deemed Compliant for 18 and Largely Compliant for 17 of the FATF 40 Recommendations. It was deemed Highly Effective for 0 and Substantially Effective for 2 of the Effectiveness ratings.

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. Despite some improvements in oversight for large infrastructure projects, concerns about inefficiencies and corruption in public procurement persist, as highlighted by the Auditor General's report. Transparency International's 2023 Corruption Perceptions Index rated Guyana at 40 out of 100, indicating ongoing challenges in the business environment.

Guyana, located on South America's North Atlantic coast, has emerged as an oil-producing nation since 2019, leading to a significant GDP growth rate of 33 percent in 2023, making it one of 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 beyond extractive resources through investments in agriculture, energy, and technology.

Guyana's investment climate is characterized by a strong openness to foreign direct investment (FDI), particularly in sectors such as agriculture, tourism, and energy, with the government actively promoting these opportunities through the Guyana Office for Investment (GOINVEST). Despite the positive outlook, challenges such as a confusing taxation system, slow government processes, and local content requirements in the oil sector can complicate the investment landscape. Nevertheless, the government is committed to improving the business environment and has made strides in reducing business registration times and enhancing support for foreign investors.