The Guyana Geology and Mines Commission (GGMC) has moved to significantly tighten oversight of the gold mining sector, announcing mandatory local bank account requirements and compulsory updates of personal records for all miners and stakeholders as part of a broader national push to clamp down on illegal activity, environmental abuse and gold smuggling.In two notices issued on January 2, 2026, the Commission made it clear that, effective immediately, all miners and stakeholders must maintain a local bank account as a condition for the processing, access, issuance and renewal of mining permits and licences. Those who have not yet submitted their banking details to the GGMC are required to do so no later than January 31, 2026.The Commission warned that non-compliance will directly affect the processing and renewal of licences and permits, underscoring that financial traceability is now a core component of regulatory compliance in the sector.To ensure miners in hinterland regions are not excluded, the Ministry of Natural Resources will collaborate with the banking sector to conduct outreach exercises in Mahdia, Puruni and Matthew’s Ridge. During these exercises, authorised representatives of banking institutions will assist miners and other stakeholders to establish personal bank accounts. The GGMC said further notices will be issued outlining the specific dates and times for these engagements.In a parallel move, the Commission has also directed all miners and stakeholders, including traders, to present themselves at GGMC offices to update their personal records by January 31, 2026. These records include mailing addresses, email addresses, telephone contact numbers and banking information. The GGMC stressed that the responsibility for ensuring that this information is accurate and up to date rests solely with the licence or permit holder.Failure to comply with the record-updating requirement will result in the suspension of the relevant licences and/or permits, the Commission warned.The latest directives come against the backdrop of a sweeping government-led review of the gold mining sector, which President Dr Irfaan Ali has confirmed will begin on January 5, 2026. During a year-end interview, the Head of State signalled that “strong decisions” are imminent as authorities intensify efforts to curb illegal mining, environmental destruction and under-declaration of gold.According to the President, a key focus of the assessment will be linking mercury purchases to actual gold declarations. He cautioned that miners who hold land and have registered dredges but fail to declare production will face severe consequences, including the repossession of mining lands.“There is no sense they destroy the environment and it’s not being used,” the President said, emphasising that environmental protection and lawful production must go hand in hand.In recent weeks, government agencies and mining associations have repeatedly reminded miners that all gold must be sold to the Guyana Gold Board or authorised licensed dealers, as part of ongoing efforts to strengthen oversight and accountability across the sector.Last year, Vice President Dr Bharrat Jagdeo also highlighted the need to reinforce the gold exportation system, increase penalties and close regulatory gaps that allow gold smuggling to thrive. He noted that improved coordination among state agencies has already helped authorities identify new smuggling tactics.These efforts include the work of a high-level task force comprising the Attorney-General, the Minister of Finance, the Commissioner-General of the Guyana Revenue Authority, the Head of the Financial Intelligence Unit, the Governor of the Bank of Guyana and representatives of the Guyana Gold Board. The task force has identified weaknesses in existing regulations and has begun tightening enforcement mechanisms.Together, the GGMC’s new compliance requirements and the government’s wider sectoral review signal a decisive shift towards stricter regulation, improved traceability and greater accountability in Guyana’s gold mining industry, as authorities seek to protect national revenues, preserve the environment and root out illegal practices.The post GGMC tightens net on mining sector with mandatory local bank accounts and record updates appeared first on News Room Guyana.