Guyana moves to modernise banking system, improve global competitiveness

The government is collaborating with banks to modernise operations, expand access, and align Guyana’s financial system with its growing global stature.

Speaking on the ‘Starting Point’ podcast, Attorney General Anil Nandlall mentioned that the country previously faced international sanctions for not meeting Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) standards.

However, Guyana now stands as one of the most highly ranked compliant countries in the Caribbean.

“We scored among the highest in the Caribbean in the last mutual evaluation,” he said.

AG Nandlall pointed out that while Guyana is out of the red, and considering the recommendations given, many banks have held onto outdated internal policies and guidelines.

“It means that our system needs to do an introspection and rid itself of self-imposed obstacles that are no longer relevant,” the minister said.

This restriction still threatens Guyana’s efforts to improve financial access and ease of doing business.

“We want to move Guyanese away from putting money under your mattress and putting it in some tin cup somewhere. Let us use the banking sector, and we are able to get them to engage with the banks by initiatives such as the cash grant distribution,” he stated.

He praised the President’s continued effort to make conducting business easier in Guyana.

“The ease of doing business initiative was implemented by him…and our government has never moved away from it,” he explained.

The government is committed to talking with banks and other stakeholders, AG Nandlall said, adding that the administration is willing to provide whatever support is needed to make financing more accessible.