Guyana Compliance Commission Act of 2023

Guyana Compliance Commission Act of 2023

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Under Article 14, the Guyana Compliance Commission Act of 2023 was passed by the National Assembly of Guyana on 3 August 2023 to strengthen the supervisory roles and ensure compliance with the new AML/CFT Act of 2023. It established a new non-governmental body, the Guyana Compliance Commission, that supervises all non-financial businesses or professions and non-bank financial institutions. The new Commission established has administrative powers for offences and also enacts penalties on entities that have violated the AML/CFT laws. The new law will enhance the compliance, guidance and training regime on money laundering, terrorism financing and proliferation financing, provide domestic and international cooperation and related matters. It will also curb the AML/CFT landscape in Guyana for the years to come.