Under the Environmental Protection Act, administered by the Environmental Protection Agency, a developer of any of the following types of project, or any other project that is likely to impact the environment is required to obtain an environmental permit.
- Construction of any hotel, guest house or inn above ten rooms
- Installation for hydro-electric energy production
- Construction of roads, harbours and airfields
- Dams and other installations designed to hold liquid or to store it on a long-term basis
- Installation for the treatment of waste water, industrial or domestic waste
- Importing of any waste matter whether hazardous or not
- Release, use or keeping of any genetically modified organisms
- Harvesting and utilization of forest resources
- Extraction and conversion of mineral resources
The unit of currency in Guyana is the Guyana Dollar which is freely convertible into other currencies based on prevailing market conditions. All monetary obligations or transactions in Guyana are required to be expressed, recorded and settled in Guyana Dollars unless permission is obtained from the Bank of Guyana which is responsible for the regulation of the financial sector in Guyana.
Under the Investment Act investors may open accounts in Guyana Dollars and in foreign convertible currencies with licensed banks in Guyana.
Declaration of Beneficial Ownership
Companies incorporated or registered under the Companies Act of Guyana are required to declare beneficial interest to the Registrar of Companies. Beneficial interest is defined in AML-CFT legislation as person (or persons) who ultimately exercises individually (or jointly) voting rights of at least 25 percent of the total.
The Anti-money Laundering and Countering the Financing of Terrorism Act is the primary legislation in this area. The Financial Intelligence Unit, provided for under the Act, is responsible for the handling of suspicious transaction reports and other information relating to money laundering, terrorist financing and the proceeds of crime.
The Guyana Association of Securities Companies and Intermediaries Inc. operates the Guyana Stock Exchange. There are presently sixteen companies on the Exchange.
The accountancy profession in Guyana is regulated by the Institute of Chartered Accountants of Guyana (ICAG). Accounting standards adopted for application in Guyana are the International Financial Reporting Standards. The ICAG is a member body of the International Federation of Accountants and the Institute of Chartered Accountants of the Caribbean.