WHAT IS THE FINANCIAL INTELLIGENCE UNIT (FIU)?
The FIU was established in August 2009 under the Anti-Money Laundering and Countering the Financing of Terrorism (AMLCFT) Act of 2009. This Agency is responsible for requesting, receiving, analysing and disseminating information related to suspicious transactions and other information relating to money laundering, terrorist financing or proceeds of crime. This information is received from reporting entities.
WHAT IS A REPORTING ENTITY?
A reporting entity is any person or entity carrying out any of the businesses, professions or activities listed in the First Schedule of the AML/CFT Act of 2009 and includes the following:
1. Licensed Financial Institutions
- Non-Bank Financial Institutions
- Money Transfer Agencies
- Insurance Companies and Brokers
- Securities Companies and Brokers
2. Designated Non-Financial Businesses of Professions
- Betting Shops
- Dealers in Precious Metals (Gold Dealers)
- Dealers in Precious and Semi-Precious Stones (Diamond Dealers)
- Real Estate Agents, Brokers and Developers
- Attorneys-at-Law, Notaries, and Commissioner of Oaths to Affidavit
- Accountants and Auditors
- Trusts or Company Service Providers
- Credit Unions
- Registered Charities
- Used Car Dealers
The FIU’s mission is to assist in the protection of our financial system through the detection, prevention and deterrence of money laundering and the financing of terrorist activity in Guyana.
WHAT IS THE STRUCTURE OF THE FIU?
The structure of the FIU includes a Director, a Deputy Director, an Attorney-at-law; and an Accountant, all appointed by the National Assembly by a simple majority; and on the recommendation of the Parliamentary Committee on Appointments. The FIU staff is complemented by professionals in the field of AMLCFT Compliance, Financial Analysis, Database Management and Information Technology, and Office Administration.
HOW IS THE FIU FUNDED?
The FIU is funded by sums appropriated by Parliament. The Director is responsible for the control and use of all funds and resources and is required to keep proper accounts and other records. The Director is also required to prepare yearly statements of accounts to be audited by the Auditor General.
HOW DOES THE FIU OPERATE?