Illicit cigarette trade poses serious threat to Guyana’s economy with millions in loses

The conference also sought to strengthen collaboration among key stakeholders from both public and private sectors, facilitating the sharing of insights and the development of actionable strategies to combat illicit trade in Guyana.

Director of the Financial Intelligence Unit (FIU) Matthew Langevine, underscored the critical link between illicit trade and money laundering. He referenced Guyana’s 2021 national money laundering risk assessment, which identified smuggling, tax evasion, the illegal narcotics trade, and fraud as the four most significant threats.

Over the past four years, the FIU has received 180 suspicious transaction reports, with roughly 10% linked to illicit trade and smuggling. Langevine called for enhanced cooperation between the private sector and law enforcement.

“The importance of maintaining a robust anti-money laundering framework is critical for fostering an environment where legitimate businesses can thrive, especially for a country like Guyana, which is on a significant growth trajectory with the emergence of our oil and gas sector,” Langevine remarked.

Minister of Home Affairs Robeson Benn also addressed the conference, acknowledging the challenges presented by illicit trade. He welcomed the collaborative spirit fostered by the event. “This is a significant opportunity for partnership that we share information, that we point out areas of concern, and that we engage with those in law enforcement who may know the usual players in smuggling,” Benn stated.

As Guyana grapples with the repercussions of illicit trade, the collective commitment demonstrated at the conference marks a pivotal step towards safeguarding the nation’s economy and enhancing the integrity of its markets.

The post Illicit cigarette trade poses serious threat to Guyana’s economy with millions in loses appeared first on News Room Guyana.