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Finance Minister’s statement on Anti Money Laundering legislation
November 18th marks the deadline for which Guyana should have been in compliance with the CFATF, AML/CFT legislation.
Despite numerous calls from those who are most affected by the lack of appropriate legislation being in place such as the private and manufacturing sectors and the banking, insurance and service industries, the Joint Parliamentary Opposition still has not made any attempt to remedy this deadlock they have created.
Both the APNU and the AFC have indicated in the media that they are willing to re-consider their previous position with regard to the bill, provided that Government gives certain concessions. Neither party has offered any significant willingness to commit to a deadline for this bill to be re-tabled in the National Assembly. This approach by the Opposition to ransom Guyana’s social and economic development for political mileage is an unhealthy one.
Finance Minister Dr. Ashni Singh
Minister of Legal Affairs, Attorney General Anil Nandlall is currently in the Bahamas where he will report to a group of approximately 40 persons representing the interest of 26 countries. The AG will try to convince the group of the need for a further extension of the deadline, though it is unlikely that, at this point in time, another extension will be granted.
In the meantime, the APNU and the AFC have accused Government of engaging in scare tactics in relation to the consequences of being blacklisted by CFATF. This ludicrous claim by the Opposition is far from the truth as Government has time and time again informed and educated the public about the realities of what non-compliance means for Guyana. Even without being blacklisted quite yet, international financial bodies have already begun issuing official letters urging “enhanced scrutiny” to banks when transacting business with Guyana. In addition, private investors who have had an interest in conducting business in Guyana have also indicated their hesitancy in moving their business further until there is assurance that Guyana complies with the CFATF requirements.
Despite multiple failed efforts to see legislation through the National Assembly, Government remains open to constructive dialogue to see the passage of this vital bill and call on the people of Guyana to urge the members of the National Assembly to do what is right for the greater good of Guyana.
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