About Us

There are several categories of reporting entities in Guyana. However, by letter of appointment dated the 20^th December 2012, the Honourable Minister of Finance, Dr. Ashni Singh MP appointed the Guyana Geology and Mines Commission as the Supervisory Authority for the holders of licences to trade in valuable minerals and precious stones. As a Supervisory Authority, the Guyana Geology and Mines Commission is empowered by section 22 of the Anti-Money Laundering and Countering the Financing of Terrorism Act, Cap. 10:11 to: –

• examine and supervise the reporting entity and regulate and oversee effective compliance with the obligations set out in sections 15, 16, 18, 19 and 20 of the Anti-Money Laundering and Countering the Financing of Terrorism Act, Cap. 10:11 and any other preventive measures in relation to combating money laundering and terrorist financing;
• issue instructions, guidelines or recommendations and provide training to reporting entities on their obligations and requirements under the Act and to make reporting entities aware of any amendments to the laws relating to money laundering, terrorist financing or proceeds of crime;
• enter into the business premises of a reporting entity during ordinary working hours in order to-
  • inspect or take documents or make copies or extracts of information from such documents;
  • inspect premises; and
  • observe the manner in which certain functions are undertaken; and
• require any person on the premises to provide an explanation on any such information;
• request and be given information relevant to money laundering and terrorist financing matters from its reporting entities;
• cooperate and share information promptly with other domestic competent authorities, by requesting and providing assistance in investigations, prosecutions or proceedings relating to proceeds of crime, money laundering and terrorist financing;
• develop standards and criteria applicable to the communication of suspicious activities that reflect other existing and future pertinent national and internationally accepted standards;
• impose requirements that reporting entities shall ensure that their foreign branches and subsidiaries adopt and enforce measures consistent with the Anti-Money Laundering and Countering the Financing of Terrorism Act, Cap. 10:11 to the extent that local laws and regulations so permit, and where the foreign branch or subsidiary is unable to adopt and observe these measures, report the matter to the relevant authority;
• submit a report to the Financial Intelligence Unit, as soon as practicable but not later than three working days, after acquiring any information concerning suspicious transactions or activities that could be related to money laundering, terrorist financing or proceeds of crime;
• cooperate, request and exchange information with agencies performing similar functions in other countries and territories in investigations, proceedings or prosecutions relating to proceeds of crime, money laundering or terrorist financing, and to violations of the laws and administrative regulations dealing with reporting entities; and
• maintain statistics concerning measures adopted and sanctions imposed under the Anti-Money Laundering and Countering the Financing of Terrorism Act, Cap.10:11.