Attorney General meets with banking and finance sectors
As a follow-up to meetings held with His Excellency, President Dr. Mohamed Irfaan Ali, on Wednesday, October 15, 2025, the Hon. Mohabir Anil Nandlall SC MP, Attorney General & Minister of Legal Affairs, met with members of the banking and financial sectors to address certain legislative and regulatory concerns within the sector. The Attorney General was accompanied by his colleague Ministers, the Hon. Collin Croal, Minister of Housing and Water and the Hon. Susan Rodrigues, Minister of Tourism, Industry and Commerce, senior functionaries of both Ministries, Finance Secretary, Mr. Sukkrishnalall Pasha, Registrar of Commerce, Reza Manraj and Head of the Financial Intelligence Unit, Mr. Matthew Langevine.
The meeting addressed crucial concerns raised by the banking sector in respect of implementing certain aspects of the Security Interests in Movable Property Act 2024, the Electronic Communications and Transactions Act (ECTA) 2023 and the Condominium Act 2022. All of these pieces of legislation were passed within the last 3 years, and are part of the Government’s aggressive legislative agenda to overhaul outdated laws and to bring new laws into conformity with the realities of modern banking and financial transactions. These laws form an integral part of the Government’s deliberate agenda to promote ease of doing business in Guyana, given this country’s accelerated development trajectory. This pace of development continues to occasion heavy, rapid local and foreign investments in the commercial, business, AML/CFT and infrastructural environments.
For these reasons, clarification was sought on, for example, the practical operationalization of the Security Interests in Movable Property Act and stakeholder training thereunder; the use and acceptance of digital signatures under the ECTA in the execution of incorporation and other requisite banking documents; and the registration of mortgages for condominium units.
The clarifications sought were provided and important timelines were agreed upon in respect of the full operationalization of the Security Interests in Movable Property Act. It was further agreed that guidelines will be disseminated to assist the banking sector with the registration of mortgages in respect of condominium units.
The Hon. Attorney General also reminded that while all financial institutions are to continue to operate within the realm of the AML/CFT Act and regulations, Guyana’s AML/CFT rating remains high based on the most recent mutual evaluation. In this regard, the banking sector was encouraged to work towards ensuring that it continues to embrace the Government’s agenda of ease of doing business by utilizing Supervision Guideline 13, which reduces the level of requirements for the establishment of a bank account. As pointed out, ongoing review of the requirements are currently being undertaken, on the instructions of Government, with the aim of further reducing the burden of doing business.
The meeting ended with commitments from both Government and the banking and financial sectors to strengthen dialogue and act upon gaps in legislation and the sector to ensure that the Government’s objective of ease of doing business in Guyana, championed by His Excellency the President, remains a crucial and achievable priority.
The meeting was also attended by high-level representatives of Republic Bank Guyana, Citizens Bank Guyana, Scotiabank Guyana, the Guyana Bank For Trade and Industry, New Building Society, Bank of Baroda, Demerara Bank and the Bank of Guyana.
