Includes special features of this country’s banking system and rules/laws that might impact U.S. business.
Last Published: 7/9/2019

The Bank of Guyana, Guyana's central bank, implements monetary policy and oversees the operations of Guyana's six commercial banks, as well as other domestic financial institutions.  In addition, local currency traders, known as “cambios,” provide currency exchange services, although the industry is loosely regulated and believed to be potentially prone to money laundering.

The Financial Institutions Act No.1 of 1995 created the regulatory framework for the regulation of banking and other financial business in Guyana.  The Act specifies requirements for licensing of financial institutions, paid up capital, restrictions on banking and financial activities, supervision of licensed financial institutions, and provisions for insolvency.

In November 2013, the Caribbean Financial Action Task Force (CFATF) advised its member states that Guyana did not have effective standards set to curb anti-money laundering and to counter the financing of terrorism.  CFATF advised Guyana to take action to protect its financial systems from these potential threats.  In May 2014, CFATF referred Guyana’s case to the global Financial Action Task Force (FATF). As noted in the Investment Climate Statement, Guyana successfully exited the FATF International Cooperation Review Group in October 2016, having addressed all the deficiencies identified in the Core and Key Recommendations.  Guyana has been removed from FATF’s watch list and has the necessary legislation to curb money laundering and counter terrorist financing, but implementation is still a challenge.  

In July, 2018, a Financial Institutions Bill was passed which aims at modernizing the financial systems in Guyana, including a framework for electronic money transfers. The main purpose of this bill was to add the financial transparency needed to promote foreign investment and to manage the oil revenues.  The Central Bank is currently in the process of implementing Real-Time Gross Settlement, allowing for money transactions to occur in real time with the hope it will increase transparency and reduce money laundering and corruption. 
 

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