As reported by Strabroek News, the government of Guyana is examining the feasibility of developing into an offshore financial center (OFC), and is seeking input from the country’s Guyana Association of Bankers.

“The concept was discussed on Monday when Minister of Finance Dr Ashni Singh chaired a meeting of senior government officials and representatives of the GAB. According to GINA, government intends to undertake an assessment of the institutional arrangements and legislation that would need to be in place in order for Guyana to serve as an OFC.”

An assessment would necessitate the review of existing and draft legislation, to include the Anti-Money Laundering (AML) Bill currently before Parliament. Guyana would review of the experience of OFCs in the Caribbean and their relevant legislation as well.

“OFCs exist to provide financial services such as banking, insurance and asset management to mainly non-resident individuals and entities.”

“The OFCs generally offer to investors, distinct benefits including favourable tax and regulatory regimes, and the ability to make deposits in foreign currencies. They also offer highly confidential services.”