The CFATF blacklist… Intl community seeks to stamp out lawlessness in Guyana-GTUC

Nov 23, 2013 News

The Guyana Trades Union Congress (GTUC) yesterday responded to the decision taken by the Caribbean Financial Action Taskforce (CFATF) and said that it does not interpret it to be a road block for the country.
The GTUC believes that the blacklisting of Guyana would serve as an amber light, “signaling to the society our responsibility to manage our business in a transparent manner, guided by international principles and business ethics…And we must proceed with caution in the process of getting it right.”
According to a public missive released by the GTUC yesterday, the fallout for Guyana being non-compliant as a regional and international partner is enough to cause Governments and businesses in other countries to be wary of doing business here.
It sends a message that the Government of Guyana is an enabler of the lawlessness that the international community is making efforts to stamp out.
It said that while the focus of attention does not translate to judicial sanctions it must offer no comfort in, complacency with, or continuity of the lawlessness.
According to the GTUC, the consequence of CFATF’s decision will force external partners to insulate themselves from disreputable practices.
“It will require those engaged in legitimate practice to demonstrate so which in itself, is a safeguard mechanism and of which the GTUC encourages compliance.”
According to the GTUC, in a consumer driven world, legitimate businesses would not usually shun opportunities to expand trade and increase revenue.
Further, CFATF’s decision provides businesses both external and internal, the needed protection to safeguard their integrity- an aspect the Government of Guyana has thus far demonstrated its disinterest.
Lest the nation be misled the Anti-Money Laundering and Countering the Financing of Terrorism Law was subjected to reviews by the CFATF, according to the GTUC. The shortcoming/failures in the law were highlighted and recommendations made to ensure efficiency and effectiveness. It said that absent effective oversight and sanctions would inevitably see Guyana targeted for the treatment now meted out.
“The efforts by the government to kick the ball down the road, and not firmly place it in the goal where it belongs, would not have been tolerated by external partners and must not be tolerated by the law-abiding…This remains the interest of the global community and some sections of society.”
GTUC explained that the CFATF’s oversight role is continuous and even if the amendment Bill was passed it would not have silenced regional and international bodies whose interest is not only in the passing of laws, but equally and even moreso’, in the activation of laws to bring about needed change.
The attention given to Guyana may be discomforting, but money-laundering and financing of terrorism is a global scourge that cuts across borders and has implications for all countries engaged in financial transactions with the government and people.
“This society must not lose sight of this…The CFATF decision gives Government an opportunity to clean its Augean stables and send a message that illegal conduct will no longer enjoy officialdom protection or a blind eye; but company must be parted for the nation’s and people’s good.”
“The CFATF by its action has placed a price on this society… It is a just price for it empowers the people to ensure Government’s compliance…It provides the needed stimulus to hold hands in the crusade to restore good governance and a safe society.”

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The CFATF blacklist… Intl community seeks to stamp out lawlessness in Guyana-GTUC

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