Latest update November 8th, 2024 1:00 AM
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GO-Invest not yet affected by Guyana blacklisted status
Guyana Office for Investment (GO-Invest) is unaware of the impact Guyana’s blacklisted status by the Caribbean Financial Action Task Force (CFATF) would have on investment, says Keith Burrowes, Chairman of the Board of GO-Invest.
GO-Invest, the primary contact for investors and exporters, has not experienced any negative effects as yet from the situation but wants to mitigate the impact by collaborating with relevant agencies, he noted.
GO-Invest Chairman, Keith Burrowes
In an effort to avoid disseminating negative and possible inaccurate information to potential and existing investors on Guyana being blacklisted, GO-Invest is hoping to have Toussaint Boyce, an Attorney-at-Law and expert in the field, host a seminar.
In November, because Guyana failed to submit an Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Act 2013 to the CFATF, it was blacklisted. The country was regarded as non-compliant with 98 percent of the requirements of CFATF.
In fact, the blacklisted status applied to Guyana by CFATF is reportedly akin to that which was applied to Iran and North Korea. In order for Guyana to get off the list, it has to pass the requisite legislation and remedy the identified deficiencies in the statement.
The CFATF’s decision will inevitably affect payments for oil, family remittances, payment for goods, and a host of other transactions that could virtually cripple trade.
Government has signaled its intention to return the Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Bill 2013 to Parliament.
According to Burrowes, GO-Invest would be approaching Attorney General Anil Nandlall to learn more about the Act and the impending consequences.
He said GO-Invest deals with foreign and local investors in all sectors and wants to ensure they are equipped with the relevant information. The entity does not want to scare off investors. Burrowes stressed that at the moment GO-Invest does not know the extent of the impact the blacklisting status would have on Guyana.
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