Sleepwalking into an abyss

Nov 13, 2013 Editorial

The ongoing debate about the way Parliament functions in Guyana continues to sow seeds of bitter division among politicians. The wrangling among members has now presented our country with a dilemma of crippling proportions.
Given the complex nature of what is required for our country not to be viewed as “a jurisdiction with significant strategic deficiencies in its Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regime”, it is inexcusable that neither side of the House saw it fit to operate with alacrity from the beginning.
Though recognizing that, as of next Monday, the landscape in terms of international financial transactions will become precarious, the government has been reluctant to shift on its positions. The system that exists works perfectly for the many persons accustomed to flouting the law, earning maximum benefit, and avoiding detection. To be fully committed to the process of change would indeed take a fair degree of soul-searching.
The opposition is rightfully aiming at putting an end to the apparent free-for-all, but from all appearances, seems to be overreaching in its efforts.
The result of this impasse will be that the Caribbean Financial Action Task Force (CFATF) on November 18 “will identify Guyana as not taking sufficient steps to address its AML/CFT deficiencies and will take the additional steps of calling upon its Members to consider implementing counter measures to protect their financial systems from the ongoing money laundering and terrorist financing risks emanating from Guyana, and at that time CFATF will consider referring Guyana to the Financial Action Task Force International Cooperation Review Group (FATF ICRG)”.
In the simplest of language, this amounts to our friends in the neighbourhood being told not to play with us, or if they do, it would be at their own risk, and that risk could have dire consequences. Further, it will be clearly made known to those far and wide, who are even more influential than our neighbours, that we do not intend to stop cheating, or even give the impression that we no longer want to cheat.
This is an embarrassment of immense proportions for our nation. The frustrating aspect is that many of the individuals that are tasked with averting this humiliation are simply not au fait with issue, thus they cannot make informed decisions. The few that do understand are too arrogant to reason.
Parliament as the highest decision-making forum in the land has a distinct and pivotal role to play in the lives of all residents of Guyana, regardless of their political affiliations. But does it adequately accommodate the views and interests of the respective parties and their constituents in a manner consistent with their rights?
Parliament is the servant of the people, and as such, its systems and processes cannot be static; it must be dynamic and flexible, changing with the temper of the times. This important issue definitely required more input from the people.
Just recently it was reported that Singapore’s Ministry of Finance and Accounting and Corporate Regulatory Authority (ACRA) are inviting public feedback on enhancements to the country’s regulatory framework against money laundering and terrorist financing within its commitment to the revised international Financial Action Task Force (FATF) Recommendations.
They have begun a public consultation exercise, which is being run from November 7 to December 6, on the draft ACRA (Amendment) Bill and key policies in the new Regulations, which will enhance the regulatory framework for corporate service providers (CSPs), and provide a transition framework to ease the transition of existing CSPs to the enhanced regulatory regime.
Singapore’s reputation as “a trusted international financial and business center with robust regulatory frameworks against money laundering and terrorist financing, (and) as a member of the FATF,” was emphasized.
A summary of the comments received will be published during the consultation period, together with their responses, by early 2014.
And so the questions must be asked again: Are our administrators/decision-makers really serious about this country’s well-being? Isn’t it clear that eventually there will be a collapse? Do they not see that Guyana is sleepwalking into an abyss?

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Sleepwalking into an abyss

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