KNOW YOUR CLIENT

Money laundering is a global problem which occurs in all jurisdictions. Guyana, like every other jurisdiction has been targeted by money launderers.

In 2000 the Money Laundering (Prevention) Act 2000 was passed in Guyana.

The act was passed for the purpose of preventing money laundering and matters connected therewith or incidental thereto.

The Act provided for the establishment of a Supervisory Authority which is to be tasked with the responsibility of supervising financial institutions in Guyana.

Money laundering, as defined in the Money Laundering ( Prevention) Act 2000, means engaging, directly or indirectly, in a transaction that involves property that is the proceeds of crime, knowing or believing the same to be proceeds of crime or receiving, possessing, managing, investing, concealing, disguising, disposing of or bringing into or removing from Guyana any property that is the proceeds of crime, knowing or believing the same to be the proceeds of crime.

The Supervisory Authority contemplated by the Act is yet to be established and empowered.

Investors and potential investors in Guyana are frequently unaware of the dangers of entering into joint venture partnerships, mergers with and acquisitions of entities whose financial background may not always be transparent.

HFS Corporate Services Inc conducts in depth confidential background checks including investigations of source of funds, good standing certificates, corporate records, corporate officers and filed audited reports.