Bank of Guyana
The Bank of Guyana was established by virtue of the Bank of Guyana Ordinace No. 23 of 1965 and actual operations commenced on October 1965. The Bank of Guyana Act No. 19 of 1998 established the Central Bank as an autonomous institution governed by the Act.
The role of Bank of Guyana is to act as the Central Bank of Guyana. Its primary purpose is to formulate and implement monetary policy so as to achieve and maintain price stability. The other major purpose is to foster a sound, progressive and an effective financial system. In the discharge of its functions, the Bank strives to:
· Promote a sustained and non-inflationary growth of the economy.
· Maintain the integrity and value of the Guyana dollar.
· Secure the credibility of the financial system, including payments arrangements, through supervision and oversight.
The functions of the Bank of Guyana are as follows:
· To offer advice to the Government on economic management in order to achieve the desired course of economic events and minimise or avoid inconsistencies among various governmental policy measures.
· To offer advice on the efficacy of alternative policy instruments - exchange rates, interest rates and money supply.
· To monitor the functioning of the financial system and foster its development.
· To manage the foreign exchange reserves of the nation within the context of national policy.
· To operate such accounts of the Government as are assigned to the Bank.
· To manage the internal and the external public debt.
· To issue the country's legal tender and to ensure the efficiency of the arrangements for payments and other forms of exchange.
· To co-operate with other Government agencies in facilitating international trade and payments
Financial Intelligence Unit (FIU)
The Financial Intelligence Unit is established under the Anti-Money Laundering and Countering the Financing of Terrorism Act (AMLCFT) of 2009 as an agency responsible for requesting, receiving, analysing and dissemination of suspicious transaction reports and other information relating to money laundering, terrorist financing or proceeds of crime.
The Act authorises the FIU to request and receive information from any reporting entity, any supervisory agency and any law enforcement agency, any other competent authority in Guyana or elsewhere for purposes of this Act;
It overrides secrecy laws and protects reporting entities by ensuring that no civil or criminal liability action may be brought nor may any professional sanction be taken against any person or agent of any reporting entity for breach of any restriction on disclosure who in good faith transmits information or submits reports to the Financial Intelligence Unit.
The FIU works in close partnership with similar type national and international intelligence and law enforcement agencies to ensure that the country has a comprehensive anti-money laundering system that identifies and effectively addresses suspected illegal activity. Licensed financial institutions and a wide cross section of designated business and professional entities are obligated to report suspicious transactions to the FIU.
Guyana Securities Council
Guyana Securities council (The ‘Council’) is a statutory body created by the Securities Industry Act 1998 and brought into existence by Ministerial Order No. 5 of 2000 by the Minister of Finance with effect from 16th December, 2000. The Council commenced activities on 24th September, 2001.
The principal functions of the Council, under section 5 of the Securities Industry Act 1998, are to:
· Advise the Minister of Finance on all matters relating to securities;
· Maintain surveillance over the securities market and ensure orderly, fair and equitable dealings in securities;
· Register, authorise or regulate, in accordance with the Securities Industry Act 1998, self regulatory organization, securities companies, securities intermediaries, brokers, dealers, traders, underwriters, issuers and investment advisers, and control and supervise their activities with a view to maintaining proper standards of conduct and professionalism in the securities business;
· Protect the integrity of the securities market against abuse arising from the practice of insider trading;
· Create and promote such conditions in the securities market as it may seem necessary, advisable or appropriate to ensure the orderly growth and development of the capital market.
Bureau of Statistics
The Bureau of Statistics was established in 1957 and was incorporated as a semi-autonomous body in 1990. The functions of the Bureau are set out in Section 4 (1) of the Bureau of Statistics Act 25 of 1991 and the Statistical Act Cap 19.09 and can be summed up as follows:
· Conduct Censes
· Collect. compile, analyse and publish socio-economic and other statistical data
· Collaborate with other Government departments in collecting, compiling, analyzing and publishing statistics derived from administrative records
· Organise a co-ordinated scheme of social and economic statistics for Guyana
The Bureau is the main co-ordinator and producer of economic statistics, including national accounts. The main data on population, economic and social conditions of households stem from censuses and surveys. The Bureau is recognised as the central authority on statistics in this country and is often requested to advise and assist ministries and private / public sector organizations on statistical matters.
National Procurement and Tender Administration (NPTA)
The National Procurement and Tender Administration was established in accordance with Section 16 (1) of the Procurement Act 2003 which came into effect in November 2004, with the signing of the order by the Minister of Finance.
The mission of NPTA is to facilitate the establishment and implementation of regulatory environment conducive to transparency, economy, efficiency, openness, fairness and accountability in public sector procurement.
The main functions assigned to NPTA under Section 17 of the Procurement Act 2003 are:
· The processing of all procurement above the thresholds laid down for the Ministerial , Regional, Departmental and District Tender Boards, which involve:
· Bid Openings
· Nomination of Evaluation Committees
· Review of Evaluation Reports
· Preparation of Cabinet Memoranda
· Issuing Approvals
· Policy assistance, capacity building and monitoring in the areas of
· Issuance and dissemination of the Act, Regulations, directives, procedures and standard bidding documents etc.
· Capacity building and organisation and delivery of training programmes
· Creation of Management Information Systems (MIS)
· Introduction of electronic procurement
Guyana Revenue Authority
The Guyana Revenue Authority was established on the 27th January, 2000. The organisation is governed by a Governing Board and the Commission General is the Chief Executive Officer who is responsible for the day to day management of the organisation.
Their mission is to promote compliance with Guyana’s Tax, Trade and Border Laws and regulations through education, quality service and responsible enforcement, thereby contributing to the economic and social well being of the people of Guyana.
The Guyana Revenue Authority draws its overall mandate from the Revenue Authority Act, the Customs Act and the Income Tax Acts of Guyana. Under the Revenue Authority Act, the Governing Board of the Revenue Authority is accountable to the Minister of Finance and is responsible for:
· The approval and review of the policy of the Revenue Authority
· The monitoring of the performance of the Revenue Authority in carrying out its functions, and
· The discipline and control of all members of staff of the Revenue Authority.
The chief executive of the Revenue Authority is the Commissioner General who, subject to the general supervision and control of the Governing Board is responsible for;
· The day to day operations of the authority
· The management of funds, property and Affairs of the Revenue Authority, and:
· The administration, organisation and control of the staff of the Revenue Authority.
National Industrial and Commercial Investments Limited (NICIL)
NICIL was incorporated as a Private Limited Company under the Companies Act, Chapter 89:01 in July 1990. A new Companies Act was enacted in 1991 with effect from May 1995 by the Companies Act (Commencement) Order, No. 25 of 1995 and NICIL was registered as a continuing company pursuant to Section 339 of the new Act in 1998. NICIL is 100 percent owned by the Government of Guyana.
The primary objectives of the company were that of subscribing for, taking or otherwise acquiring, holding and managing the Government’s shares, stocks, debentures or other securities of any company, co-operative societies or other corporate body. This meant that all Government shareholdings in public corporations and companies including those falling under the Public Corporations Secretariat, and the Co-operative Finance Administration Institutions were to be transferred to NICIL. The objective was to have a unified and systematic management of Government’s shareholdings.
NICIL engages in many activities such as:
· being the holding company for Government owned minority/majority interests,
property management which includes the acquisition / disposal / rental of Government owned properties,
· Monitoring Government’s equity in other companies and acting as agents for other Government agencies in the disposal of properties or management of companies.
NICIL has a Board of Directors that consists of Minister of Finance, the Head of the Presidential Secretariat, the CEO of Go-Invest, an opposition representative and the Executive Director of NICIL.
National Insurance Scheme (NIS)
NIS was established on September 29, 1969. The organisation is governed by a Board and the Chief Executive Officer of the organisation is the General Manager who plans, organises and controls the internal administrative polices of the Scheme as a Social Security organisation.
The mission of NIS is to:
· To establish and maintain a system of Social Security through which enough income is secured to take the place of earnings when such are interrupted by sickness or accident.
· To provide for retirement through age, sudden death of a breadwinner and to meet exceptional expenses as those concerned with birth and death.
· To ensure that monies collected which have to be used for future payments are invested in such a manner that the economy of the country would reap maximum benefit.
The National Insurance is governed by the National Insurance and Social Security Act Cap. 36:01. Under this Act the National Insurance Board is accountable to the Minister of Finance and is responsible for:
· The monitoring of the performance of the National Insurance Scheme.
· The revision and approval of the organisation’s procedures.
The General Manager of the National Insurance Scheme, under the guidance and supervision of the Board:
· Relates the Scheme’s activities.
· Gives an account of the Financial State of the Scheme and the National Insurance Fund.
· Ensures that the Scheme operates within the policy guidelines emanating from the National Insurance Board.