SEND THE MONEY EARLY!

Nov 11, 2013 Features / Columnists, Peeping Tom

The word “bonus” is one all workers look forward to at Christmas. It is that time of the year when employers show their gratitude to their workers by giving them an extra payout.
Many workers in the developed world look forward to this payout and actually make detailed plans as to how they will spend it because it is invariably very substantial.
At this time also there are many families in Guyana who like to remind their relatives working in the developed countries about the need to share their good fortune. And many Guyanese overseas actually feel that it is their moral duty to send back some of what they receive to their needy relatives in Guyana.
It is not just the relatives overseas who look forward to receiving their bonuses at Christmas.
The extended families from Guyana also look forward to their foreign based relatives receiving the bonuses because they know that something will be coming their way in time for the holidays.
Many Guyanese are hoping that their relatives overseas receive their annual Christmas bonus a little early this year so that they can send some of the money back home, as they usually do, for those who depend on these remittances to enjoy the Christmas holidays.
There are many non-working millionaires in Guyana who look forward to receiving that couple of hundred US dollars each Christmas. The relatives overseas can afford to send because these relatives usually enjoy a hefty bonus from their employers.
The remittances from these Christmas bonuses usually flow like a thundering waterfall after December 15. This is when the money transfer companies do brisk business.
With the non-passage of the amendments to the Anti-money laundering and the Countering of Terrorism Act, there are many families in Guyana who are now extremely anxious about the possibilities of financial sanctions being placed on Guyana before December 15 which is when most remittances from relatives begin to roll in.
These relatives usually wait until they are paid their Christmas bonuses before sending some of it back home so that their relatives can enjoy a nice Christmas.
These relatives are worried that if sanctions take effect, it could affect money transfers just at the time when they look forward to receiving the money that is sent from abroad for them. Many families are therefore worried and would be hoping that their families send the little Christmas tiding before any sanction takes effect.
It is almost clear that a decision will have to be taken by the Caribbean Financial Action Task Force against Guyana. The non- passage of the amendments means that Guyana is in default of its international obligations and therefore stands at risk of being blacklisted.
But it is doubtful that any sanctions will take effect before Christmas. Even the Caribbean Financial Action Task Force does blacklist Guyana there is a usually a lag between that decision and the time it takes for international money transfer agencies, banks and reinsurers to refuse to do business with the country.
But Guyanese should not take any chances. The worst thing that can happen to any Guyanese is to not have sufficient money to take care of one’s needs at Christmas. No one likes to be short of cash to buy the nice things that are usually bought at Christmas and in order to do this many families depend on the money transfers from overseas.
As such, if you are one of those relatives who live overseas and are reading this mail, you should seriously consider ensuring that you send whatever you have to send for your family a little early because you can never predict what can happen within the international financial system.
It would be a tragedy if days before Christmas, Guyanese were to find themselves unable to receive money transfers because of the failure of the country to implement reforms to the Anti- money Laundering and the Countering of Terrorism Act.

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