Public sensitisation on Anti-Money Laundering Act on PSC’s agenda

Sep 10, 2013 News

An aggressive move to sensitise the public to the possible outcome of failing to amend the Anti-Money Laundering and Countering the Financing of Terrorism Act, is being embraced by the Private Sector Commission (PSC).
And according to Chairman of the PSC, Ronald Webster, “We intend to start doing a lot of work on this…We are going to try progressively over the next few weeks, to put over to the public what the impact could be.”

PSC Chairman, Ronald Webster

Webster insisted, during a conversation with this publication, that it is essential that the amended Anti-Money Laundering Act be put in place even as he noted that “every country on the globe has got to have these things in place and we can’t afford to be the one left out.” Government has not been able to solicit the support of the majority-holding parliamentary opposition to facilitate the requisite amendment to the Act, which according to Government, “is of national interest to Guyana and should transcend politics as it stands to benefit efforts to stem corruption and money laundering.”
Webster said that the PSC has been engaging Government as well as the opposition with a view to encouraging the passage of the stalled Bill since without its implementation Guyana runs the risk of facing international sanctions.
However, Webster is convinced that the time is crucial now to enlighten the public about the state of affairs. “I don’t think that the public really knows or understands the depth of the situation we could find ourselves in.”
The PSC, Webster said, had meetings over the last two weeks with various agencies regarding the importance of the amended Anti-Money Laundering Act and according to him, “it is grim. If we mess up on this one the impact on the economy is going to be awful.”
He observed for instance that 80 per cent of all insurance policies are underwritten overseas and if there are difficulties remitting funds to the underwriters and something happens here then there is no coverage.
In fact such a situation had occurred in Trinidad, a territory that was able to recover fairly quickly because of its massive oil wealth and linkages, Webster noted. Antigua because of its failure to put measures in place is even today blacklisted even though it has corrected everything, he added.
Webster further alluded to a recent investment seminar held at the Guyana International Conference Centre, which saw several calls being made for Guyana to steer-clear from the potential impacts associated with the absence of the amended Anti-Money Laundering Act.
Another issue of concern that has been gaining the attention of the PSC is that of the Amaila Falls Hydropower project, which Webster said has been a matter that was extensively highlighted in the public sphere.
“We played our role because we can’t run our business unless we know what is going on. And where Amaila is concerned we did a lot of work; I personally, as well as, other members in making sure that the figures we were hearing were in fact accurate,” said Webster.
According to the PSC Chairman Guyana is in dire need of an efficient hydropower dam and we need to see such a project resuscitated as quickly as possible.