The European Commission has officially removed Guyana from its blacklist of countries seen as posing a threat because of lax controls on terrorism financing and money laundering.
The Government of Guyana is welcoming the move. Attorney General Basil Williams has indicated that the move by the EU augurs well for Guyana, especially as it moves towards first oil next year and as more investors are heading to the Guyana shores.
He said the coalition government has always committed itself to fighting money laundering and the financing of terrorism and has enacted new laws and amendments to old laws to ensure that fight is won.
Guyana’s removal from the EU blacklist is likely to make it easier for many countries and businesses within the EU to conduct business with Guyana without the fear of dirty money.
While Guyana has been removed from the list, the European Commission has added twenty three countries to its new blacklist.
The Bahamas, Trinidad and Tobago, Puerto Rico, US Virgin Islands, Panama and Saudi Arabia are among the countries on the new list.
According to the EU, “Under to the Fourth Anti-Money Laundering Directive, banks and other financial institutions have to apply extra checks (“enhanced customer due diligence requirements”) for transactions involving high-risk third countries identified on the list.”