New AML/CFT Bill to focus on asset forfeiture; to be ready by year-end – AG

Guyana is preparing a new Anti‑Money Laundering and Countering the Financing of Terrorism (AML/CFT) Bill that will replace the country’s existing 17‑year‑old legislation. The draft bill is in its final stage of development and is expected to be ready for enactment by the end of the year.

Attorney General and Legal Affairs Minister Anil Nandlall announced the progress on Thursday, emphasizing that the new framework will place a strong focus on the forfeiture of assets linked to money laundering and terrorism financing. The updated legislation aims to strengthen the country’s regulatory environment and improve compliance with international standards.

Details of the bill’s provisions have not yet been released, but the government has indicated that the asset forfeiture measures will be a key component of the revised AML/CFT regime.

For more information, the announcement was reported by the Guyana Times.

Article source: guyanatimesgy.com | Image credit: Guyana Times