GEORGETOWN, Guyana — Riding the momentum of what it says is the world’s fastest-growing economy, the Guyanese government on Monday reaffirmed its commitment to safeguarding the financial system as Finance Minister Dr. Ashni Singh tabled the Financial Intelligence Unit’s 2024 annual report in the National Assembly.
Singh said rapid economic expansion — fueled largely by oil and gas — has required modern regulatory defenses against money laundering and terrorist financing, and he positioned the administration’s reforms as integral to protecting both domestic and global financial integrity.
“Guyana has embraced its responsibility to ensure that as our economy modernizes, our financial system remains secure,” Singh told lawmakers. “A modern economy demands a modern, robust regulatory framework.”
The minister highlighted sweeping financial sector legislation enacted over the last five years, including a new central bank law, financial institutions act, insurance act and securities industry act. He said a new anti-money-laundering and countering the financing of terrorism (AML/CFT) act is expected to follow, forming a “suite of legislation” that enhances transparency, prudential oversight and accountability.
Guyana’s PPP/C government — now into its second term since returning to office in 2020 — points to continuous institutional strengthening, including the digitalization of government services, procurement reforms and upgrades in revenue administration.
Singh said the effort has already boosted investigative and enforcement capacity across state agencies and supervisory bodies, including the Bank of Guyana, the Guyana Revenue Authority and the Guyana Securities Council.
Key achievements cited in the FIU report include:
- Amendments to the AML/CFT Act in 2022 and 2023 to align with international standards
- Creation of the Guyana Compliance Commission and the Guyana Real Estate Authority
- Increased funding, staffing and technology for the FIU and SOCU
- Strengthened regulatory support for financial sector supervisors
- Guyana’s admission to the Egmont Group in February 2024, enabling direct intelligence sharing with more than 170 jurisdictions
- A favorable CFATF mutual evaluation in 2024
- Receipt of the CFATF’s Best Regional AML/CFT Case Award in November 2024
Those achievements now place Guyana among the region’s most robust AML/CFT regimes, Singh said, citing consistent progress in prosecutions and asset seizures tied to criminal activity.
President Irfaan Ali has also positioned the security agenda within a broader regional context, recently reiterating Guyana’s stance against transnational crime, illicit drug trafficking and threats to regional peace.
“We will protect every inch of Guyana’s territory with vigilance and resolve,” Ali said last month at a Guyana Defence Force commissioning parade. “We will be adaptable, smart and ready to respond on land, at sea, in the air and in cyberspace.”
The administration also reaffirmed its anti-corruption pledges in its 2025 manifesto — including stronger laws, blockchain-based transparency tools, reduced bureaucracy and full enforcement of the Access to Information Act.
With a rapidly expanding economy and intensifying foreign investment interest, the government says protecting its financial reputation is not optional.
“Our experience rebuilding institutions shows that sustained effort delivers results,” Singh said. “We intend to keep strengthening our defenses as our economy continues to grow.”